Social Security update: First round of April payments worth $4,873 goes out in three days

The first of April’s three Social Security payments, worth up to $4,873 for the highest income earners who retire at 70, will go out to a group of retirees in three days.

The payment will go out Wednesday to beneficiaries born on or before the 10th of a month, according to the Social Security Administration calendar.

People born on or after the 11th of a month will receive their checks in one of two later disbursements this month, on April 17 or April 24.

The maximum payment that a retiree can receive depends on certain factors, such as the amount they paid into Social Security, the number of years they paid into the program, and the age of retirement, which 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. People who retire at the youngest age possible, 62, can only receive up to $2,710 a month.

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2024’s payments include a 3.2% increase compared to the monthly payments of 2023, which is part of the annual cost-of-living adjustment.

Not every recipient will receive the highest amount, so a more personalized estimate of what each person can expect every month can be found via the SSA calculator.

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