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$4,555 Social Security Payment: Millions of Beneficiaries to Receive Money in 2 Weeks

Social Security
US dollar notes are photographed in Buenos Aires, on June 23, 2022. - Argentines do their accounts in dollars, traumatised by recurrent economic crises and tormented by the inflation that is eating away at their pockets and is projected to exceed 60% this year. (Photo by Luis ROBAYO / AFP) (Photo by LUIS ROBAYO/AFP via Getty Images)

In less than a week, beneficiaries will get the second of the three Social Security retirement payments for April, which may be worth up to $4,555.

For individuals born between the 11th and 20th of a month, the second distribution will be made on April 19.

Each of the three installments corresponds to the ten days of the recipient’s birth month. Payments are made every month on the second, third, and fourth Wednesdays.

The yearly Cost of Living Adjustment (COLA) boosted all payments by 8.7 percent, The US Sun wrote. 

GoBankingRates added that the Senior Citizens League predicts a much lower COLA in 2024 based on the dropping 12-month average inflation rate.

Social Security

WASHINGTON, DC – OCTOBER 14: In this photo illustration, a Social Security card sits alongside checks from the U.S. Treasury on October 14, 2021 in Washington, DC. The Social Security Administration announced recipients will receive an annual cost of living adjustment of 5.9%, the largest increase since 1982. The larger increase is aimed at helping to offset rising inflation. (Photo illustration by Kevin Dietsch/Getty Images)

READ ALSO: Social Security Update: Direct Payments Of Up To $4,555 Are Being Distributed To Millions Of People In 4 Days

Social Security Payments: Millions of Americans May Receive Up to $4,555 Worth of Direct Payments

Retirement beneficiaries born between the first and tenth of the month received the first payout, which was made on the second Wednesday of the month. 

According to the SSA’s timetable, the last wave will be distributed on April 26, the last Wednesday of April, and it will be for those born between the 21st and 31st of the month.

The amount of money beneficiaries get is determined by their age at retirement. A maximum payment of $3,627 is given to those who retire at the current retirement age of 67. 

However, according to the Social Security Administration, individuals who postpone retiring until age 70 get the greatest monthly benefit of $4,555, and those who retire at age 62 receive up to $2,572.

If Congress does not decide how to finance the program by 2037, people may experience a reduction in payouts. 

Congress has been debating Social Security’s future for years, and experts recently cautioned that if nothing is done, the program might run out of money in 10 years.

READ ALSO: Here Are Those Who May Be Harmed By Future Social Security Cutbacks

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