The first round of September's monthly Social Security payments, worth up to $4,555 for retired seniors, will be released in one day.
The first wave of payments will be released on the second Wednesday of the month, and it will go to people born between the first and 10th of their birth month. The second disbursement will be sent to retirees born between the 11th and 20th on Sept. 20. The final wave of payments will go out a week later, on Sept. 27, and it will be for those born on or after the 21st of a month.
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A separate group of retired seniors also see monthly retirement payments. This group consists of seniors who receive both Supplemental Security Income and Social Security benefits, people who retired before 1997, and U.S. retirees who live outside of the country. Regardless of the day of the month they were born, the group received their payments on Sept. 7.
The maximum payment for each retiree depends on specific factors, including the person's age at retirement, how much they paid into Social Security, and how many years they paid into 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 to 70 can collect up to $4,555 per month, according to the Social Security Administration.
These payments are different from other checks handed out by the Social Security Administration, such as disability insurance or Supplemental Security Income.
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Changes to the federal retirement program could be necessary in the near future if Congress does not agree on funding for the program before its trust runs out in the next 10 years.
Possible changes to the program include restructuring how the payments go out and how much money the recipients receive, but people already on Social Security would not be affected by these changes.