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

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

Retired seniors born on or between the first and 10th of a month should receive their payment on Wednesday, according to the Social Security Administration’s calendar.

Retirees born on or after the 11th of the month will get their payments in one of two later disbursements, on Feb. 21 or Feb. 28.

The maximum each person can receive varies based on the age of recipients at the time of retirement, the amount they paid into Social Security, and the number of years they paid into the program. The age at which recipients retire is the biggest factor in determining their maximum payment.

The highest amount a senior who retires at 70 can get is $4,873 per month.

Those who retire at the youngest age possible, 62, can only receive up to $2,710 a month. If people retire at the full retirement age of 67, their maximum benefit is $3,822 per month, according to the SSA.

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The 2024 payments include a 3.2% increase compared to the monthly payments last year. The boost is part of the annual cost-of-living adjustment announced in October 2023.

A personalized estimate of what each person can expect every month can be found via the SSA's calculator.