The second installment of February’s tripartite Social Security disbursements, totaling a maximum of $4,873 for individuals who retire at the age of 70 and have the highest earnings, will be distributed to retired beneficiaries within a span of four days.
The maximum payment amount varies for each individual based on factors such as their retirement age, lifetime contributions to the Social Security system, and the duration of their participation in the program.
For those retiring at the age of 70, the highest monthly benefit stands at $4,873.
Conversely, individuals opting for the earliest retirement age of 62 are eligible for a maximum monthly benefit of $2,710.
For individuals who opt to retire at the designated full retirement age of 67, their maximum monthly benefit is set at $3,822, as stated by the Social Security Administration.
Social Security Payment Schedule in February
Retirees born between the 11th and 20th day of any given month will expect to receive this second payment on Wednesday, February 21st, as per the schedule outlined by the Social Security Administration.
Beneficiaries born on or after the 21st of each month are scheduled to receive their payments on Wednesday, February 28th, while those born between the first and 10th of the month were disbursed their payments on February 14th.
The payments for the year 2024 encompass a 3.2% augmentation in comparison to the monthly disbursements observed in the previous year.
This increment is a component of the annual cost-of-living adjustment, which was officially disclosed in October.
Individuals can access a personalized estimation of their anticipated monthly benefits through the Social Security Administration’s calculator.
