Millions of retirees received the second wave of March's Social Security Administration retirement payments, worth up to $4,555, on Wednesday.
The disbursement was released to retirees who were born between the 11th and 20th of a month, and it was the second of three payments going out this month. Recipients only receive one payment each month, but the date of their disbursement corresponds with the 10-day block of a month when a person was born, according to the SSA's schedule.The first round of March payments was for people born between the 1st and 10th of a month, and it went out to recipients on March 8.
The payment amount depends on the recipient's age at retirement. The highest payment of up to $4,555 per month 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.Currently, the retirement age is 67, but workers can take early retirement at 62 or delay retirement until they are 70.
The amount of money retirees receive in Social Security is subject to change, and could potentially decrease, if Congress does not determine how the program will be funded in the future. Discussions on the future of Social Security have been ongoing in Congress for years. Most recently, a pair of bipartisan senators have proposed raising the retirement age to 70.
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