Overview
- Retirees born on the 21st through the end of their birth month receive the third wave of April payments this week.
- Social Security pays most retirement benefits on Wednesdays, grouping recipients by birth dates across the month.
- People who started benefits before May 1997 are typically paid on the third day of the month, and those who also receive SSI get SSI on the first day and Social Security on the third.
- Monthly amounts depend on lifetime earnings and claiming age, with current SSA examples up to $2,969 at age 62 and up to $5,181 at age 70.
- The program is funded by payroll taxes, and analysts warn benefits could be reduced within the next decade unless Congress passes changes.