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

Millions of retirees will receive the second of three rounds of Social Security retirement payments for October, worth up to $4,555 for those who retired at the age of 70, in less than a week.

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

SOCIAL SECURITY UPDATE: DIRECT PAYMENT BENEFITS TO INCREASE BY 3.2% IN 2024 DUE TO INFLATION

Social Security payments are based on the earnings that are made throughout a recipient’s career. The maximum amount people receive varies based on the age of the individual retirees. Those who retired at the current retirement age, 67, receive a maximum check of $3,627, while those who retired at 62 get a maximum of $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 action is taken by Congress to prevent it via restructuring or another method. Any change to the program would not affect those who are already on Social Security.