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Misty Severi, Breaking News Reporter


NextImg:Social Security update: Direct payment worth up to $4,555 to be sent to millions in six days

There are six more days until the first wave of March's retirement payments, worth up to $4,555, roll out to recipients, 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, with each wave representing a 10-day block of the month that the recipient was born in. The first round is for those born between the 1st and 10th of a month, according to the SSA's schedule.

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The second round of retirement payments will be for recipients born between the 11th and 20th of a month and will be disbursed on March 15. The final wave will be issued on March 22 for those born between the 21st and 31st of a month.

The amount of money for each retiree depends on the age at which they retired and when they started receiving 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 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.