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

The second in a series of three distributions of Social Security checks for August, worth up to $4,555 for seniors who delay their retirement until age 70, will be sent to millions of retirees in two days.

The second round goes out on Wednesday, and it is for those born between the 11th and 20th of a month. The final checks will be released the following week, on Aug. 23, and they will be for those born on or after the 21st of a month. The first round was disbursed on Wednesday, and it was for those born between the first and the 10th of the month.

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A separate group that consists of retirees who receive both Supplemental Security Income and Social Security benefits, United States retirees that live outside of the country, and people who retired before 1997 already received their payments on Aug. 3, regardless of the day of the month that they were born.

The maximum payments for each retiree depend on certain factors, such as their age at retirement, how long they have paid into Social Security, and how much money the recipient paid into the program during the years they worked.

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Seniors who retire at the youngest retirement age of 62 get the lowest maximum payment, which is worth up to $2,572 each month. People who retire at 67, considered the full retirement age, receive a maximum benefit of $3,627. Those who delay retirement until 70, the oldest age of retirement, get the highest maximum payment of up to $4,555 per month, according to the Social Security Administration.

The long-term future of Social Security, including the amount individuals will receive, and how those disbursements will work, is uncertain. Experts have warned that future recipients could see a decrease in their payments starting in 2034 if Congress does not settle on funding for the program before the Social Security trust runs out. People currently on Social Security would not be affected by any changes.