The final wave of February’s three Social Security payments, worth up to $4,873 for the highest earners who retire at 70, went out to the third and last group of retirees on Wednesday.
Retirees born on or after the 21st of the month should have received their payments on Wednesday, Feb. 28, according to the Social Security Administration’s calendar. Those born on or between the 1st and 20th of the month received their payments in one of two earlier disbursements.
The first of March’s payments will go out on March 13.
The maximum amount each person can receive varies depending on certain factors, such as age at the time of retirement, the amount paid into Social Security, and the number of years paid into the program. However, the age of retirement is the largest factor.
The highest amount a senior who retires at 70 can get 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 choose to retire at the full retirement age of 67, their maximum benefit is $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 increase averaged about $50 more than 2023’s payments. 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.
