Social Security update: First round of direct payments worth up to $4,555 arrives in 10 days

Beneficiaries who receive one of the three Social Security retirement payments each month will get the first payment for October, worth up to $4,555 for those who retired at the age of 70, in 10 days.

The first wave of payments will be released Oct. 11, 2023, and will be for those born between the first and 10th of the month. The second payment will be released Oct. 18 and will go to people born between the 11th and 20th of the month. The last group, comprising those born on or after the 21st of a month, receives its payment on Oct. 25.

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The maximum amount each retiree can receive from the government varies for each person depending on certain factors, such as the person’s age at retirement, how much they paid into Social Security, and how many years they paid into the program.

Beneficiaries who retire at the youngest age of 62 can get up to $2,572 per month, and those who delay to 70 can receive up to $4,555 per month, according to the Social Security Administration. Those who retire at the full age of retirement, 67, receive a maximum check of up to $3,627 per month.

The Social Security payments will not be affected by the looming government shutdown, should it begin on Sunday.

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Social Security payments could be lower come 2034 unless Congress agrees on actions to prevent it. 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.