Social Security update: Third round of direct payments worth up to $4,555 arrives in one day

Misty Severi November 21, 05:11 PM November 21, 05:11 PM Video Embed

The last group of retired seniors will receive the final wave of November’s Social Security payments, worth up to $4,555 for people who retire at 70, on Wednesday.

The millions of retirees born on or after the 21st of a month will receive their monthly check on Wednesday, Nov. 22. Beneficiaries born between the 1st and 20th of a month already received their checks in one of the earlier payments.

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Regular retirement checks are different from other payments given out by the Social Security Administration, such as disability insurance or Supplemental Security Income. Those checks are distributed on a different schedule.

The maximum amount of each Social Security payment varies based on the age at which a person retires. For example, people who retire at 62, the youngest age to receive payments, can get up to $2,572 per month. Those who retire at 70 can receive up to $4,555 per month, according to the SSA, and those who retire at the full age of retirement, 67, can see a maximum check of up to $3,627 per month.

The SSA sends payments in three disbursements every month, on the second, third, and fourth Wednesdays. Each recipient gets one check, and how much that check is worth depends on certain factors. Beneficiaries can see a personalized estimate of what they can expect each month through the SSA’s calculator.

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Monthly payments will rise by 3.2% in 2024 as part of the program’s annual adjustments based on inflation, according to the SSA. The increase will be the same percentage for all payments the administration sends, including retirement and disability pay.

The long-term future of Social Security is still uncertain because of the risk of insolvency, which analysts predict could happen as early as 2034. Any change to the program would not affect those who are already on Social Security.

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