CNS News– As the calendar inches closer to February, retirees are eagerly anticipating the first round of Social Security payments for the month. Scheduled to be disbursed in three days, these payments hold significant value, with the highest earners who retire at 70 eligible to receive up to $4,873.
According to the Social Security Administration’s calendar, retired seniors born between the first and 10th of a month can expect their payment on Wednesday, followed by subsequent disbursements for those born on or after the 11th.
The maximum payment a retiree can receive varies based on factors such as their retirement age, contribution to Social Security, and years of contribution to the program. Notably, the age at which individuals retire is the primary determinant of their maximum benefit.
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Seniors who retire at the age of 70 can receive the highest amount, up to $4,873 per month. In contrast, those retiring at 62 are eligible for a maximum of $2,710 monthly, while individuals retiring at the full retirement age of 67 can expect a maximum benefit of $3,822 per month, as outlined by the SSA.
The 2024 payments reflect a 3.2% increase compared to the previous year, attributed to the annual cost-of-living adjustment announced in October 2023. Similar to the SSI program, the SSA provides a personalized estimate of expected monthly payments through its calculator tool.