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

Round one out of three Social Security retirement payments for October, worth up to $4,555 for those who retired at 70, will be sent to millions of retirees in three days.

The first round of payments will be released Oct. 11 for those born between the first and tenth of the month. The second payment will be released exactly one week later, on Oct. 18, and it will go to people born between the 11th and 20th of a month. The final group receives their checks on Oct. 25, and the group is made up of those born on or after the 21st of a month.

SUPREME COURT WEIGHS CFPB LEGALITY IN CASE CHALLENGING FUNDING OF FINANCIAL WATCHDOG

The maximum amount each retiree can receive from the government varies for each person depending on specific 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.

Retirees who stop working 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 $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.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

The future of the payments is currently unclear. 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.

Another 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.