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Mmillions of retirees will receive the final wave of March’s Social Security Administration pension payments worth up to $4,555 in less than a week.
The third round, for those born between the 21st and 31st of the month, will be released on Wednesday, March 22. Three payments are released to retirees each month, but each person receives only one payment that coincides with a 10-day block in the month a person was born, according to the SSA’s schedule.
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The first payout round was for people born between the 1st and 10th of a month and went out to the recipients on 8 March. The second round was released on Wednesday for those born between the 11th and 20th of a month.
How much money each recipient receives depends on the recipient’s age at retirement. The highest payment is up to $4,555 a month, and it goes to people who retired at 70. Recipients who retired at 67 receive a maximum check of $3,627, and anyone who retired at 62 , gets up to $2,572 according to the SSA.
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People could see a drop in their payments if Congress doesn’t decide how to fund the program by 2037. Discussions about the future of Social Security have been going on in Congress for years, but most recently a pair of bipartisan senators proposed raising the retirement age to 70 .
The current retirement age is 67, but workers can take early retirement at 62 or delay retirement until they are 70.