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

Millions of Social Security retirees will receive the last round of October’s retirement payments, worth up to $4,555 for those who delayed retirement until the age of 70, in three days.

The third and final Social Security payment will be given to recipients on Oct. 25, and it will be for those born on or after the 21st. Those born between the first and 20th of their birth month already received their checks. Each recipient gets a single monthly check.

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Social Security payments are based on earnings that are made throughout a recipient’s career. The maximum amount people receive varies based on the age at which they retire. A person must have paid into Social Security for at least 10 years in order to qualify for the payments.

Those who retire at the current retirement age, 67, receive a maximum check of $3,627, while those who retire 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.

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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.

The future of Social Security is unclear due to the risk of insolvency as early as 2034. Analysts predict insolvency will occur unless important action is taken by Congress to prevent it. Any change that does take place for the program would not affect those who are already on Social Security.