Latest Social Security Update: Initial April Payments of $4,873 Issued This Wednesday

The first of April’s three Social Security payments, worth up to $4,873 for the highest income earners who retire at 70, went out to the first group of retirees on Wednesday.

The payment went out on April 10 to beneficiaries who were born on or before the 10th of the month, according to the Social Security Administration’s calendar.

People born on or after the 11th of their birth month will receive their checks in one of two later disbursements this month, on Wednesday, April 17, or Wednesday, April 24.

The maximum payment that a retiree can receive depends 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. But the age of retirement is the biggest factor.

The highest amount that a senior who retires at 70 can get is $4,873 per month. If people retire at the full retirement age of 67, their maximum benefit is $3,822 per month, according to the SSA. People who retire at the youngest age possible, which is 62, can only receive up to $2,710 a month.

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2024’s payments include a 3.2% increase compared to the monthly payments of 2023, which is part of the annual cost-of-living adjustment.

Not every recipient will receive the highest amount, so a more personalized estimate of what each person can expect every month can be found via the SSA’s calculator.