September 09, 2023 09:00 AM
The first wave of payments will go out on Sept. 13, the second Wednesday of the month, and will go to people born between the first and 10th of the month. The second disbursement will be for retirees born between the 11th and 20th, and it will be released on Sept. 20. The final wave of payments will go out a week later on Sept. 27, and it will be for those born on or after the 21st.
These payments are different from other checks sent out by the Social Security Administration, such as disability insurance or Supplemental Security Income.
The maximum payments for each retiree depend on certain factors, including a person’s age at retirement.
Seniors who retire at the earliest age of 62 can receive up to $2,572 each month. Those who retire at the full retirement age of 67 receive a maximum check of $3,627 per month, and those who delay their retirement to 70 can collect up to $4,555 per month, according to the Social Security Administration.
A separate group of retired seniors also sees monthly retirement payments. This group consists of seniors who receive both Supplemental Security Income and Social Security benefits, people who retired before 1997, and U.S. retirees who live outside of the country. Regardless of the day of the month they were born, the group will receive payments on Sept. 7.
Changes to the federal retirement program could be necessary in the near future if Congress does not agree on funding for the program before its trust runs out in the next 10 years.
Possible changes to the program include restructuring how the payments go out and how much money the recipients receive, but people already on Social Security should not be affected by the changes.