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 exactly two weeks.
Retired seniors born on or between the first and 10th of their birth month should receive their first payment of February on Wednesday, Feb. 14, according to the Social Security Administration’s calendar.
Retirees born on or after the 11th of their birth month should receive their payments in one of two later disbursements, on Feb. 21, and Feb. 28.
The amount each person gets can vary based on age at the time of retirement, the amount he or she paid into Social Security, and the number of years he or she paid into the program. But the age at which recipients retire is the biggest factor in determining the maximum amount they receive.
The highest amount 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. When 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 one can expect each month can be found through the SSA’s calculator.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
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.
The totals sent out are expected to shrink unless Congress takes some action to prevent it. 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 who pay into the system.
