Second round of February Social Security payments worth $4,873 to be sent in three days
The Next Wave of Social Security Payments
Get ready, because the next wave of February’s Social Security payments is on its way! And this time, it’s going out to a second group of retirees in just three days.
If you were born between the 11th and 20th of your birth month, mark your calendars for this Wednesday. That’s when you’ll be receiving your second payment, according to the Social Security Administration’s calendar.
But don’t worry if you were born on or after the 21st of the month. Your payment will be coming on Feb. 28. And for those lucky individuals born between the first and 10th of the month, you’ve already received yours!
How Much Can You Expect?
The amount you’ll receive depends on various factors, such as your age at the time of retirement, the amount you paid into Social Security, and the number of years you contributed to the program.
For those who retire at the ripe age of 70, the highest amount you can get is an impressive $4,873 per month. But if you retire at the youngest age possible, which is 62, you’ll only receive up to $2,710 a month.
Now, if you retire at the full retirement age of 67, your maximum benefit is $3,822 per month, according to the SSA.
What’s New for 2024?
Exciting news! 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 can expect to receive each month? Use the SSA’s calculator to get a personalized estimate.
So, keep an eye on your bank account and get ready to enjoy the benefits you’ve earned. It’s time to make the most of your Social Security payments!
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