The second wave of February’s three Social Security payments, worth up to $4,873 for the highest earners who retire at 70, will go out to a second group of retirees on Wednesday.
Retired seniors born on or between the 11th and 20th of their birth month will receive the second payment this Wednesday, according to the Social Security Administration’s calendar.
Retirees born on or after the 21st of the month will get their payment next week on Feb. 28, while those who were born between the first and the 10th of the month have already received theirs.
The maximum amount each recipient can get varies depending on certain factors, such as one’s age at the time of retirement, the amount the person paid into Social Security, and the number of years one paid into the program.
The highest amount that a senior who retires at 70 can get is $4,873 per month. Those who retire at the youngest age possible, which is 62, can only receive up to $2,710 a month.
If people choose to retire at the full retirement age of 67, their maximum benefit will be $3,822 per month, according to the SSA.
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The 2024 payments include a 3.2% increase compared to the monthly payments last year. The boost is part of the annual cost-of-living adjustment, which was announced in October.
A more personalized estimate of what each person can expect each month can be found through the SSA’s calculator.
