Social Security News: $4,873 distributed in a single day in third March payment round

The last of March’s Social Security payments, worth up to $4,873 for the highest income earners who retire at 70, will go out to the third group of retirees in one day.

The payment will go out to beneficiaries on Wednesday, March 27, for those born on or after the 21st of the month, according to the Social Security Administration’s calendar. 

The maximum amount 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.

Those that retire at the youngest age possible, which is 62, can only receive up to $2,710 a month.

The recipients just get one paycheck each, but the week that they get the money is determined by the day of the month they were born. Beneficiaries born on or before the 20th of the month have already received their payments in one of two earlier disbursements.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

The 2024 payments include a 3.2% increase compared to the monthly payments last year, which is part of the annual cost-of-living adjustment.

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