The final round of March’s three Social Security payments, worth up to $4,873 for the biggest income earners who retire at 70, will go out to the third group of retirees in two days.
The payment will go out to beneficiaries on Wednesday for those born on or after the 21st of their birth month, according to the Social Security Administration’s calendar.
The maximum amount retirees 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. However, the age of retirement is the biggest factor.
The highest amount 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, 62, can only receive up to $2,710 a month.
The recipients get just one paycheck each, but the week they get the money is determined by the day of the month they were born. Beneficiaries born on or before the 20th have already received their payments in one of two earlier disbursements.
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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.
A more personalized estimate of what each person can expect each month can be found via the SSA’s calculator.
