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

Millions of retirees will receive the first round of Social Security retirement payments for October, worth up to $4,555 for those who retired at the age of 70, in just one more day.

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

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The maximum amount each retiree can receive varies for each person, and it depends 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 $3,627 per month. People who delay retirement until they are 70 can receive the highest amount of up to $4,555 per month, according to the Social Security Administration.

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The future of these payments is currently unclear. Experts predict 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.