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

The final wave 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 last group of retirees in less than a week.

Retirees born on or after the 21st of the month will get their payments in six days, according to the Social Security Administration calendar.

Those born on or between the first and 20th of the month should have already received theirs in one of two earlier payments that went out on Feb. 14 and Wednesday.

The maximum amount each person can receive varies depending on certain factors, such as their age at the time of retirement, the amount they paid into Social Security, and the number of years they paid into the program. The age of retirement is the largest factor.

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 choose to 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 are a 3.2% increase compared to the monthly payments last year. The boost is part of the annual cost-of-living adjustment, which was announced in October 2023.

A more personalized estimate of what each person can expect each month can be found through the SSA calculator.

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