The first Social Security retirement payments for the month of May, worth up to $4,555, will be issued to recipients in 11 days.
The payment, scheduled for May 10, will be for recipients who were born between the 1st and 10th of a month. Two other payments will be sent to different sets of recipients later in the month. The payments are sent out on the second, third, and fourth Wednesdays of every month, and the week a recipient's payment is sent coincides with the 10-day block of a month in which the person was born.
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The amount of money each recipient gets depends on his or her age at retirement. Recipients who retired at 67 receive a maximum check of $3,627. People who retired at 62 get up to $2,572, and those who delayed retirement to 70 get the highest payment of $4,555 per month, according to the Social Security Administration.
The other two payments will occur on the Wednesdays following May 10. The second will be sent on May 17, and the third will be sent on May 24. The May 17 payment will be for recipients who were born between the 11th and 20th of a month, and the payment scheduled for May 24 will be for recipients who were born between the 21st and 31st of a month.
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Recipients could see a decrease in their payments if Congress fails to determine how the program will be funded by 2037. Discussions on the future of Social Security have occurred in Congress for years, and experts recently warned that the program could be insolvent in 10 years if nothing is done.
Some lawmakers have proposed raising the age at which citizens receive their full benefits from 67 to 70. Workers can retire and collect Social Security as early as age 62 and reach their maximum benefit if they retire at 70.
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Social Security update: Direct payment worth up to $4555 goes out to millions in 11 days - Washington Examiner
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