In just four days, the first phase of February’s Social Security disbursements will begin.
This phase has the potential to reach up to $4,873 for individuals who retire at 70 with the highest earnings.
Based on the schedule provided by the Social Security Administration, individuals who were born between the 1st and the 10th of the month can expect to receive their initial payment for the month on Wednesday, February 14.
Individuals born on or after the 11th of the month will get their payments in one of two subsequent distributions, either on Wednesday, February 21, or Wednesday, February 28.
Factors Affecting Social Security Payments
This phase has the potential to reach up to $4,873 for individuals who retire at 70 with the highest earnings.
The amount of money an individual receives can differ depending on various factors, including their age at retirement, their contributions to the Social Security system, and how long they have been part of the program. Nevertheless, the age at which retirees choose to start receiving benefits continues to be the main factor affecting their maximum payment amount.
The maximum monthly amount that a senior can receive upon retiring at the age of 70 is $4,873.
Individuals who choose to retire at the earliest possible age, which is 62, are eligible to receive a maximum monthly amount of $2,710.
According to the SSA, individuals who retire at the full retirement age of 67 are eligible for a maximum benefit of $3,822 per month.
It’s important to note that not all recipients will receive the highest amount.
However, individuals can find a personalized estimate of their monthly benefits using the SSA’s calculator.
The 2024 payments reflect a 3.2% increase in comparison to the monthly payments from the previous year. The increase is a result of the yearly adjustment for the cost of living.