Social Security update: Second round of direct payments worth up to $4,555 coming in four days | ET REALITY

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METERMillions of senior retirees will receive up to $4,555 in four days of the second round of Social Security payments in September.

The payments are part of the three waves of Social Security payments. The next installment will be released on September 20, 2023 and will be for people born between the 11th and 20th of their birth month. People born between the 1st and 10th of their birth month received their payments on Wednesday, as the first round is always sent out on the second Wednesday of the month. The last wave of payments will go out on September 27 and will be for those born on or after the 21st of a month.

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Retirement payments are different from other checks given by the Social Security Administration, such as disability insurance or Supplemental Security Income.

A separate group, made up of seniors who receive both Supplemental Security Income and Social Security benefits, people who retired before 1997, and U.S. retirees living outside the country, also receive monthly payments. The group receives their payments first, on September 7 of this month, regardless of the day of the month they were born.

The maximum payment for each retiree depends on certain factors, such as the person’s retirement age, how much they contributed to Social Security, and how many years they contributed to the program.

Seniors who retire at the earliest age of 62 can receive up to $2,572 each month. Those who retire at the full retirement age of 67 receive a maximum check of up to $3,627 per month, and those who delay their retirement until age 70 can collect up to $4,555 per month. according the SSA.

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There could be changes to the federal retirement program in the future if Congress does not decide to fund the program before its trust fund runs out in the next 10 years.

Changes to the program could include restructuring how payments are made and how much money beneficiaries receive, but people who already receive Social Security would not be affected by these changes.

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