The last round of three Social Security retirement payments in August, worth up to $4,555 for seniors who delay their retirement until age 70, will be sent to millions of retirees in three days.
The third and final wave of retirement benefits will be sent to eligible seniors who were born on or after the 21st of a month on Wednesday, Aug. 23, one week after the second round was sent out Aug. 16. The second round went to people born between the 11th and 20th of the month. The first round was released on Aug. 9 and went to those born between the first and the 10th of the month.
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The maximum payments for each retiree depend on certain factors, including the person's age at retirement, how long he or she has paid into Social Security, and how much money was paid into the program during the years he or she worked.
The earliest age one can receive Social Security retirement benefits is 62, and these recipients get the lowest maximum payment, which is worth up to $2,572 each month. The next bracket is those who retire at 67, considered the full retirement age, and receive a maximum benefit of $3,627. People who delay retirement until 70, the oldest age of retirement, get the highest maximum payment of up to $4,555 per month, according to the Social Security Administration.
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A different group of retirees also see monthly payments. That 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. The group has already received their monthly payments, which went out on Aug. 3, regardless of the day of the month they were born.
The long-term future of Social Security is still uncertain. Changes to Social Security can affect how much money future retirees receive and how those disbursements would work if Congress does not settle on funding for the program before the Social Security trust runs out in 2034, experts have warned. But people already on Social Security would not be affected by any changes.