Social Security update: Second round of March payments worth $4,873 goes out Wednesday – Washington Examiner

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

The payment went to beneficiaries born on or between the 11th and 20th of the month, according to the Social Security Administration’s calendar. 

Every recipient gets one paycheck, but the week they get the money is determined by the day of the month they were born. 

For example, people born on or after the 20th of the month will receive their payments on March 27, while those born on or before the 10th of the month received theirs on Wednesday, March 13. 

The maximum amount retirees 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 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.

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.

Facebook
Twitter
LinkedIn
Telegram
Tumblr