The first of March’s three Social Security payments, which is worth up to $4,873 for the highest earners who retire at 70, will go out to the first group of retirees in less than a week.
Retirees born on or between the 1st and 10th of the month will get their payments in four days, on Wednesday, 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 payments, on March 20, and March 27. Each recipient will get one paycheck, but the week that they get the money is determined by the day of the month they were born.
The maximum amount a beneficiary can receive depends on certain factors, such as their age at the time of retirement, the amount they paid into Social Security, and the number of years they paid into the program. But the age of retirement is the biggest factor.
The highest amount that a senior who retires at 70 can get is $4,873 per month. If people 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, which is part of the annual cost-of-living adjustment.
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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.
