The first wave of March's retirement payments, worth up to $4,555, will roll out to recipients in a week, according to the Social Security Administration.
The payments will be disbursed on March 8 and mark the first of three waves of payments this month. The funds are released on the second, third, and fourth Wednesdays of each month, and each wave represents a 10-day block of the month in which a person was born. The first round is for those born between the 1st and 10th of a month, according to the SSA's schedule.
The second round of SSA retirement payments will be issued on March 15 and will be for those born between the 11th and 20th of a month. The last payment for March will be issued on March 22 for people born between the 21st and 31st of a month.
The amount of money that retirees receive from these payments depends on the age they retired at and when they started receiving the benefits. The highest payment of $4,555 goes to people who retired at 70. Recipients who retired at 67 will receive a maximum check of $3,627, and anyone who retired at 62 will get up to $2,572, according to the SSA.
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The amount of money retirees receive in Social Security is subject to change, and it may even decrease if Congress does not determine how it will be funded by 2037. Retirement payments from the SSA are different from other payments distributed by the agency, such as disability insurance or Supplemental Security Income.