The final round of January Social Security payments, worth up to $4,873 for top earners who retire at 70, went out to the last group of retirees on Wednesday.
Retired seniors born on or after the 21st of a month should have received their first payment of 2024 by Wednesday, Jan. 24, according to the Social Security Administration’s schedule. Retirees born on or between the first and 20th of a month should have received their payments in an earlier disbursement.
The amount each person gets can vary based on the age of recipients at the time of retirement, the amount they paid into Social Security, and the number of years they paid into the program. However, the main determining factor for the maximum amount they can receive is the age at which recipients retire.
The highest amount that a senior who retires at 70 can get is $4,873 per month. The youngest age of retirement is 62, but those who retire at 62 can only receive up to $2,710 a month. If people retire at the full retirement age of 67, their maximum benefit is $3,822 per month, according to the SSA.
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.
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The totals sent out could 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 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.