In 17 days, millions of retirees will receive the first round of April's Social Security Administration retirement payments, worth up to $4,555.
The first round, for those born between the 1st and 11th of a month, will be released on Wednesday, April 12. Three disbursements are released to retirees each month, but each person only receives one payment that coincides with the 10-day block of the month in which they were born, according to the SSA's schedule.The amount of money each recipient gets depends on the recipient's age at retirement. The highest payment is worth $4,555 per month, and it goes to people who retired at 70.
The second round of payments will be released on April 19, and it will be for those born between the 11th and 20th of a month. The final payment for April will be disbursed on April 26 and will be for people born between the 21st and 31st of a month.The current age of retirement is 67, but people can take early retirement at 62 or delay retirement until 70.
People could see a decrease in their payments if Congress does not determine how the program will be funded by 2037. Discussions on the future of Social Security have been ongoing in Congress for years, and a pair of bipartisan senators recently proposed raising the retirement age to 70.
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