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

Retirees received the second round of Social Security October retirement payments, worth up to $4,555 for those who retired at 70, on Wednesday.

The second Social Security payment was given to those born between the 11th and 20th of their birth month. The third and last group will receive their checks next week, on Oct. 25, and they will be for those born on or after the 21st. Those born between the first and 10th of their birth month already received their checks. Each recipient gets a single check each month.

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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 at which the individual retires.

Those who retired at the current retirement age, 67, receive a maximum check of $3,627, while those who retired at 62 get up to $2,572, and those who delay their retirement to age 70 get the largest payment of up to $4,555 per month, according to 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 important action is taken by Congress to prevent it. Any change that does occur to the program would not affect those who are already on Social Security.