Update on Social Security: In Three Days, the Second Round of $4,873 Payouts for February Will Be Sent Out!
CNS News– Three more Social Security payments will be sent to retirees in February. The next group will get their money in three days. For the highest earners who leave at age 70, this payment could be worth up to $4,873. An official calendar from the Social Security Administration shows that retirees born on or between the 11th and 20th of their birth month will get their second payment this Wednesday.
The payments will be sent to retirees born on or after February 21. Payments have already been sent to retirees born between February 1 and 10. Different people can get different amounts of money from Social Security. It depends on their age when they leave, how much they paid into the program, and how many years they made payments.
When someone quits at age 70, they can get up to $4,873 a month maximum. People can only get up to $2,710 a month if they leave at age 62, which is the youngest age possible. The Social Security Administration (SSA) says that someone can get up to $3,822 a month if they retire at the full retirement age of 67.
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As compared to last year’s monthly payments, the 2024 payments will be 3.2% higher. Part of the annual cost-of-living adjustment that was mentioned in October is the pay raise. This tool from the Social Security Administration (SSA) can give each person a personalized idea of what they can expect each month.