Retired seniors born on or after the 21st of a month can expect their first payment of 2024 to arrive on Jan. 24. Those born on or between the 1st and 20th of a month should have received their payments in an earlier disbursement.
The amount each person gets can vary based on their age at the time of retirement, the amount paid into Social Security, and the number of years paid into the program. However, the age at which recipients retire is the biggest factor in determining the maximum a person can receive.
The highest amount that a senior who retires at 70 can get is $4,873 per month. The youngest age of retirement is 62, but those who retire at 62 can only receive up to $2,710 a month in 2024. If people retire at the full retirement age of 67 in 2024, their maximum benefit is $3,822, according to the Social Security Administration.
The totals sent out are expected to shrink unless Congress takes some action to prevent it. Analysts estimate the Social Security Administration will no longer be able to give out full payments to recipients as early as 2034 due to a rising number of retirees and a declining number of workers.
Beneficiaries can see a personalized estimate of what they can expect each month via the SSA’s calculator.
Recipients should see a 3.2% increase in their checks for 2024 compared to their monthly payments in 2023. The boost is part of the annual cost-of-living adjustment, which was announced in October.