Some beneficiaries of the Social Security Administration's retirement payments, worth up to $4,555, received their March retirement benefits Wednesday.
The disbursement marks the first of three waves of payments this month, with each wave going to people in a 10-day block of the month a person was born. This first round of payments was for people born between the 1st and 10th of a month, according to the SSA's schedule.The next round of disbursements will take place in one week, on March 15, and it will be for those born between the 11th and 20th of a month.
The amount of money recipients get from the payments depends on their retirement age. The highest payment of up to $4,555 each month 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.
Retirement payments from the SSA are different from other payments distributed by the agency, such as disability insurance or Supplemental Security Income.The amount of money retirees receive in Social Security is subject to change, and it may even decrease if Congress does not determine how the program will be funded in the future. Discussions on Social Security have been ongoing in Congress for years, but two bipartisan senators are looking at raising the age of retirement to 70.
Currently, the retirement age is 67, but workers can take early retirement at 62 or delay retirement until they are 70.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Social Security update: Second of March's double direct payments worth $914 arrives in 24 daysThere are 24 more days until Supplemental Security Income beneficiaries will receive the second of two payments for the month of March. The first payment was sent out to eligible recipients on March 1, and the next payment will be delivered on March 31.
Read more »
Social Security on a path to major benefit cuts unless Congress acts, CBO director saysCBO Director Phillip Swagel said that once Social Security's trust fund becomes exhausted in 2032, benefits would automatically be cut by 25% unless Congress acts.
Read more »
How your ex could boost your Social Security benefitsDivorced people can often collect benefits under the federal retirement program based on their ex-spouse's work history.
Read more »
Balancing federal budget, eliminating deficit without cutting defense, Social Security, MedicareIf you want to balance the budget without raising taxes or cutting defense, Social Security, and Medicare, you'd probably have to fire nearly every park ranger and cut 70% of anti-poverty spending
Read more »
Social Security is America’s contract with working people | OpinionThey’re openly plotting to cut Social Security benefits and raise the retirement age, moves that would force millions of Americans to work longer.
Read more »