The first round of March’s three Social Security payments, worth up to $4,873 for the highest income earners who retire at 70, will go out to the first group of retirees in less than two weeks.
Retirees born on or between the 1st and 10th of the month should receive their payments in 13 days, on March 13, according to the Social Security Administration’s calendar.Â
The maximum amount each person can receive varies depending 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 largest factor.
The highest amount that a senior who retires at 70 can get is $4,873 per month. Those who retire at the youngest age possible, which is 62, can only receive up to $2,710 a month.
If people choose to retire at the full retirement age of 67, their maximum benefit is $3,822 per month, according to the SSA.
People born on or after the 11th of the month will receive their payments in one of two later disbursements, on either March 20 or March 27. Each recipient just gets one paycheck, but the week that they get the money is determined by the day of the month they were born.
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The 2024 payments include a 3.2% increase compared to the monthly payments last year. The increase averaged about $50 more than 2023’s payments. The boost is part of the annual cost-of-living adjustment, which was announced in October.
A more personalized estimate of what each person can expect each month can be found through the SSA’s calculator.