The first wave of February’s three Social Security payments, worth up to $4,873 for top earners who retire at 70, will go out to the first group of retirees in one week.
Retired seniors born on or between the 1st and 10th of their birth month should receive their first payment of the month on Wednesday, Feb. 14, according to the Social Security Administration’s calendar.
Retirees born on or after the 11th of their birth month will get payments in one of two later disbursements on Feb. 21 and Feb. 28.
The amount each person receives can vary based on the age of recipients at the time of retirement, the amount they paid into Social Security, and the number of years they paid into the program. The age at which recipients retire is the biggest factor in determining the maximum amount they receive.
The highest amount that a senior who retires at 70 can get, for example, is $4,873 per month.
Those who retire at the youngest age possible, 62, can only receive up to $2,710 a month. If people retire at the full retirement age of 67, their maximum benefit is $3,822 per month, according to the SSA.
Not every recipient will get the highest amount, and a personalized estimate of what each person can expect every month can be found through the SSA’s calculator.
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The 2024 payments should 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.
Analysts estimate the SSA will no longer be able to give out full payments to recipients in about 10 years due to a rising number of retirees and a declining number of workers that pay into the system if Congress does not do anything to fix it.
