The first round 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 just over a week.
Retirees born on or between the first and 10th of the month will get their payments in eight days, 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, either on March 20 or March 27. Recipients just get one paycheck, but the week that they get the money is determined by the day of the month in which they were born.
The maximum amount anyone can receive depends on certain factors, such as the age at the time of retirement, the amount the person paid into Social Security, and the number of years one paid into the program. But the age of retirement is the largest factor.
The highest amount that a senior who retires at 70 can get is $4,873 per month. If recipients retire at the full retirement age of 67, their maximum benefit is $3,822 per month, according to the SSA.
Those who retire at the youngest age possible, which is 62, can only receive up to $2,710 a month.
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.
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A more personalized estimate of what each person can expect each month can be found through the SSA’s calculator.
The Social Security Administration pays out more than $1.4 trillion to over 71 million people each year.
