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

The first round of 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 two days.

The payment will be released on Oct. 11, and they will be for those born between the 1st and 10th of the month and will be the first of three payments. The second payment will be released exactly one week later on Oct. 18 to people born between the 11th and 20th of the month. The final group receives its checks on Oct. 25, and they are for those born on or after the 21st.

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The maximum amount each retiree can receive 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 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 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.