Millions of retired seniors will receive the first wave of September retirement checks, which are worth up to $4,555 for people who retire at 70, from Social Security in just 10 days.
The first payment will go out on Sept. 13, on the second Wednesday of the month, and will go to people born between the 1st and 10th of their birth month. The following disbursement, for those born between the 11th and 20th, will be released on Sept. 20. The final wave will go out on Sept. 27 for those born on or after the 21st.The maximum payments for each retiree depend on certain factors, including the person's age at retirement.
A separate group of retirees also sees monthly retirement payments. The group consists of seniors who receive 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, that group will receive payments on Sept. 7.
Retirement payments are different from other checks handed out by the SSA, such as disability insurance or Supplemental Security Income.Changes to the Social Security program will be necessary if Congress does not agree on funding for the program before its trust runs out in the next 10 years. Possible changes include restructuring how the payments go out and how much money recipients receive, but people already on Social Security would not be affected by these changes.
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