Second round of February Social Security payments worth $4,873 to be sent in five days

A​ Second Wave of Social ⁢Security Payments ‌Coming ⁤Soon

Get ready, retirees! In just five‍ days, a second wave of February’s Social‌ Security⁤ payments⁣ will be hitting your bank accounts. And for those who retired at 70 and are among the highest earners, this could mean a hefty sum of up to ⁢$4,873.

Mark Your Calendars

According ‌to the Social Security Administration’s calendar, if you were born⁣ between the 11th and 20th of your birth ‍month, you can expect to receive your second ‌payment on ⁤Wednesday, Feb. 21. But don’t worry if ‌you were born later in the month.​ Payments for those born on or ⁢after the⁤ 21st will be sent out on Wednesday, Feb. 28.

For those lucky ‌individuals ‌born between the 1st and 10th of the⁢ month, your payment has already arrived on Feb. 14.

Factors Affecting Your Payment

Now, let’s talk about​ the maximum ​amount you can receive. It all depends on various factors, such as your⁤ age at the time of retirement, ​the amount you contributed to Social Security, and the number of years ‌you⁢ paid into ‌the​ program.

If ‌you retired at the ripe age of ​70, you could potentially receive a ​generous⁣ $4,873⁢ per month. However, if ⁢you‌ retired at the earliest possible age‍ of 62, ​your monthly payment is limited​ to $2,710.

For those who⁤ retire at the full retirement age of 67,​ the maximum benefit ‌is $3,822 per month, as stated‌ by⁣ the SSA.

But wait, there’s more! The 2024 payments ‌come with a 3.2%‌ increase‌ compared to last year’s monthly payments. This boost is part of the annual cost-of-living adjustment, which was‍ announced in ‍October.

Curious about how much you’ll be receiving? Use the SSA’s calculator to ⁤get a personalized estimate of your monthly benefit.

So, keep an eye on your‍ bank account and get⁤ ready to enjoy that well-deserved Social Security ‌payment!

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