The third and last round of January Social Security payments, worth up to $4,873 for top earners who retire at 70, will go out to the final group of retirees on Wednesday.
Retired seniors born on or after the 21st of a month can expect their first payment of 2024 to arrive in two days. Those born on or between the first and 20th of a month should have received their payments in an earlier disbursement.
The maximum amount each person gets can vary based on age at the time of retirement, the amount paid into Social Security, and the number of years paid into the program. However, the age of retirement is the biggest factor in the amount a person receives.
A senior who retires at 70 can get up to $4,873 per month. The youngest retirement age is 62, but those who retire at 62 can only receive up to $2,710 a month in 2024. If people retire at the full retirement age of 67 in 2024, their maximum benefit is $3,822, according to the SSA.
Recipients should see a 3.2% increase in their checks for 2024 compared to their monthly payments in 2023. The boost is part of the annual cost-of-living adjustment announced in October.
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The totals sent out are expected to shrink unless Congress takes some action to prevent it. Analysts estimate the Social Security Administration will no longer be able to give out full payments to recipients as early as 2034 due to a rising number of retirees and a declining number of workers.
Recipients can see a personalized estimate of what they can expect each month via the SSA’s calculator.
