The first of March’s three Social Security payments, worth up to $4,873 for the highest income earners who retire at 70, will go out to the first group of retirees in 10 days.
Retirees born on or between the first and 10th of a month will get their payments on March 13, according to the Social Security Administration’s calendar.
People born on or after the 11th of the month will receive their payments in one of two later disbursements, on either March 20 or March 27. Recipients get one paycheck each, but the week they get their money is determined by the day of the month they were born.
The maximum amount anyone can receive depends on certain factors, such as the amount they paid into Social Security, the number of years they paid into the program, and their age at the time of retirement, which 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 full retirement age of 67 have a maximum benefit of $3,822 per month, according to the SSA.
Those who retire at the youngest age possible, 62, can only receive up to $2,710 a month.
The Social Security Administration pays out more than $1.4 trillion to over 71 million people each year.
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The 2024 payments are a 3.2% increase from the monthly payments last year, averaging about $50 more than 2023’s payments. The boost is part of the annual cost-of-living adjustment, which was announced last October.
A more personalized estimate of what each person can expect each month can be found through the SSA’s calculator.
