Social Security update: First round of direct payments worth up to $4,555 arrives in seven days

The first round of three Social Security retirement payments for October, worth up to $4,555 for those who retired at the age of 70, will be sent to millions of retirees in one week.

The first round of payments will be released on Oct. 11, 2023, for those born between the first and tenth of the month. The second payment will be released a week later on Oct. 18, to people born between the 11th and 20th of the month. The last group receives theirs on Oct. 25, for those born on or after the 21st.

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The maximum money each retiree can receive from the government varies for each person, depending on certain factors, such as the person’s age at retirement, how much they paid into Social Security, and how many years were paid into the program.

Beneficiaries who retire at the youngest age of 62, can get up to $2,572 per month, and those who retire at the full age of retirement, 67, receive a maximum check of up to $3,627 per month. People who delay retirement until they are 70 can receive up to $4,555 per month, according to the Social Security Administration.

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The payments could be lower in 2034 if Congress does not come up with a way to prevent it. Analysts estimate that the SSA will no longer be able to give out full payments to recipients as early as 2034 due to a rising number of retirees and a shrinking number of workers.

A different change to the program could include restructuring how the payments go out, but people already on Social Security would not be affected by these changes.