The first 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 the first group of retirees on Wednesday.
Retired seniors who were born on or between the first and the 10th of their birth month should receive their payment in one day, on Wednesday, according to the Social Security Administration’s calendar.
Retirees born on or after the 11th of the month will get their payments in one of two later disbursements — either on Feb. 21 or Feb. 28.
There are several factors in the maximum amount each person can receive, such as the recipient’s age at the time of retirement, the amount the person paid into Social Security, and the number of years the person paid into the program. But the age at which recipients retire is the biggest factor in determining their maximum payment.
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 recipients 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 personalized estimate of what each person can expect every month can be found via the SSA’s calculator.
