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

The second round of October retirement payments, worth up to $4,555 for those who retired at the age of 70, will go out to millions of seniors on Wednesday.

The second Social Security payment for the month will be released on Oct. 18 for those born between the 11th and 20th of their birth month. The third and last group receives their checks a week later, on Oct. 25, and the checks are for those born on or after the 21st. Those born between the first and 10th of their birth month already received their checks. Each recipient gets a single check for each month.

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Social Security payments are based on the earnings made throughout a recipient’s career. The maximum amount people receive varies based on the age of individual retirees.

Those who retired at the current retirement age, 67, receive a maximum check of $3,627, and those who retired at 62 get up to $2,572. Those who delay their retirement to age 70 get the largest payment of up to $4,555 per month, per the Social Security Administration.

A person must have paid into Social Security for at least 10 years to qualify for the payments.

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Normal Social Security checks are different from other payments given out by the SSA, such as disability insurance or Supplemental Security Income. The amount of each benefit is expected to rise by 3.2% in 2024, according to the SSA, for both SSI and retirement checks.

Analysts predict that Social Security insolvency could occur as early as 2034 unless important action is taken by Congress to prevent it. Any change that does occur to the program would not affect those who are already on Social Security.