Round one of March’s three Social Security payments, worth up to $4,873 for the biggest earners who retire at 70, will go out to the first group of retirees in five days.
Retirees born on or between the first and 10th of a month will get their payments on Wednesday, according to the Social Security Administration’s calendar.
People born on or after the 11th of a month will receive their payments on one of two later dates, on March 20 or March 27. Recipients will get one check each, but the week they get their money is determined by the day of the month they were born.
The maximum amount beneficiaries 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 biggest factor.
The highest amount a senior who retires at 70 can get is $4,873 per month. People who retire at the full retirement age of 67 have a maximum benefit is $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.
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The 2024 payments are a 3.2% increase compared to the monthly payments last year, part of the annual cost-of-living adjustment.
A more personalized estimate of what each person can expect each month can be found through the SSA calculator.
