Social Security Update: Direct payment worth up to $4,555 goes out to millions in four days

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Social Security Update: Direct payment worth up to $4,555 goes out to millions in four days
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The first round of September's Social Security payments for retired seniors will go out in four days. The payments are worth up to $4,555 for seniors who retired when they were at least 70.

The first wave of payments will go out on Sept. 13, the second Wednesday of the month, and will go to people born between the first and 10th of the month. The second disbursement will be for retirees born between the 11th and 20th, and it will be released 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.

The maximum payments for each retiree depend on certain factors, including a person's age at retirement. 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 $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.

A separate group of retired seniors also sees 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 will receive payments on Sept. 7.

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 should not be affected by the changes.

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