Direct payment worth up to $4,555 goes out to millions of recipients
Up to $4,555 goes out to millions of retired recipients
Millions of recipients of Social Security payments will get their next retirement checks for August
In a recent article published by Washington Examiner, millions of recipients of Social Security payments will get their next retirement checks for August, which are worth up to $4,555 per payment, on Wednesday.
People who receive Social Security direct payments check and were born from the 21st through the 31st of their birth month are set to receive Social Security direct payments monthly checks on Aug. 23. Those who have birth dates from the 1st through the 20th of any month have already received Social Security direct payments monthly check during one of the earlier waves of distribution.
Social Security direct payments monthly retirement are paid to those who are eligible for three waves, will occur every Wednesday. The waves of checks are divided by the days of the month a recipient was born. The first wave of Social Security direct payments always sent out on the second Wednesday of every month. The second wave of Social Security direct payments was sent out on the third Wednesday of August.
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Social Security direct payments are based on the earnings throughout a recipient’s life and have no limits based on income or resources, but the amount of the Social Security direct payments varies on the age a person retires. Those who retire at the retirement age of 67 receive a maximum check of $3,627, while those who retire at 62 get up to $2,572, and those who delay their retirement to 70 get the largest payment of $4,555 per month, according to the SSA.
Regular Social Security direct payments are different from other checks handed out by the SSA, such as disability insurance or Supplemental Security Income. The next round of Social Security direct payments is scheduled to be paid out to eligible recipients on Sept. 1.
Some analysts predict that Social Security insolvency may occur as early as 2034 unless action is taken by Congress to prevent it via restructuring or another method.
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