Latest Social Security Update: $4,873 Third Round March Payment Scheduled for Wednesday

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

The payment went out to beneficiaries who were born on or after the 21st of the month, according to the Social Security Administration’s calendar, but all Social Security recipients should have received their payments as of Wednesday.

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

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This year’s payments include a 3.2% increase compared to the monthly payments of 2023, 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.