Millions of retired seniors will receive up to $4,555 in the second round of payments for September in five days as part of their monthly Social Security payments.
The payments are part of the three waves of Social Security payments. The next installment will go out on Sept. 20, 2023, for people born between the 11th and 20th of their birth month. People who were born between the first and 10th of their birth month received their payments on Wednesday because the first round is always sent on the second Wednesday of each month. The final wave of payments will go out on Sept. 27 for those born on or after the 21st of a month.
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A different group of retired seniors also see monthly retirement payments. The 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, these people received their payments first, on Sept. 7.
The retirement payments are different from other checks handed out by the SSA, such as disability insurance or Supplemental Security Income.
The maximum payment for each retiree depends on specific factors, including the person's age at retirement, how much he or she paid into Social Security, and how many years he or she 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.
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There could be changes to the federal retirement program in the future if Congress does not settle on funding for the program before its trust runs out in the next 10 years.
Changes to the program could 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.