On March 15, the Social Security Administration will send out the second batch of March retirement payouts, which could be worth up to $4,555. The payment is available to beneficiaries born between the 11th and the 20th of a given month.
The beneficiaries’ retirement age determines the payout amount. Individuals who retire at 70 may get up to $4,555 monthly. Those who retired at 67 can expect a maximum payment of $3,627, and those who retired at 62 can expect a full check of $2,572.
Every payment is made under the 10-day period of the month a person was born. Those born between the first and tenth of a month received the first wave of compensation on Wednesday. The third and last batch of payments will be made to those born between March 21 and 31 one week later, on March 22, according to the Washington Examiner report.
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Social Security Maximum Payment
In his State of the Union Address, President Joe Biden urged Democrats and Republicans to take a position and show voters that they would not slash Social Security or Medicare. Despite the apparent consensus, analysts claim that the Republican approach would slash spending.
Now, Medicare coverage is only available to those 65 or older, and the full retirement age for Social Security is rising to 67. The Republican Study Committee budget proposes to increase the eligibility age for workers to receive 100% of their accrued benefits to 70.
The proposed changes would not affect current Social Security recipients and those 55 and older. The Republicans also suggest raising the Medicare eligibility age to match the full retirement age for Social Security and then adjusting that age to the average lifespan.
Social Security is viewed as a straightforward issue by Alicia Munnell, head of the Center for Retirement Studies at Boston College. She thinks that benefits are bringing in money and taking it out.
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