In four days, retirees will receive the third and final wave of Social Security Administration retirement payments worth up to $4,555.
The payment, which is released to pensioners born between the 21st and 31st of a month, expires on 22 March. Recipients receive only one payment each month, and the date of their payment corresponds to the 10-day block of a month in which a person was born, according to the SSA’s schedule.
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How much money recipients get from the payout depends on their retirement age. The highest payment of $4,555 a month goes to people who retired at age 70. Beneficiaries 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.
The first round of payouts, for people born between the first and the 10th of a month, went out to recipients on March 8. The second round went out on March 15, and it was for people born between the 11th and 20th of a month.
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The amount of money retirees receive in Social Security is subject to change and could decrease if Congress does not decide how to fund the program in the future. Discussions about the future of Social Security have been going on in Congress for years. 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.