By Raúl Rodríguez Cota
04 Feb 2024, 12:46 PM EST
The United States Social Security Administration is preparing the ground for its first round of payments in February, intended to especially benefit those retirees who decided to retire at the age of 70.
Payments will be up to $4,873 for retirees with higher incomes.
Starting February 14, retirees born between the 1st and 10th of any month of the year can expect to receive their first payment of the month.
There will also be two more rounds of payments scheduled for February 21 and 28, which will be sent to those born after the 10th of any month of the year.
The amount each retiree receives varies considerably, due to factors such as age at retirement, the amount they contributed to the Social Security program, and the number of years of contributions.
For example, while a senior who retires at age 70 can receive up to $4,873 per month, those who choose to retire at the minimum age of 62 can only aspire to a maximum of $2,710 per month.
Upon retirement at full retirement age, which is 67 years of age, the maximum payment reaches $3,822 per month.
It’s important to note that not all Social Security beneficiaries will receive the maximum amount, but they can get a personalized estimate through the Social Security calculator.
Additionally, 2024 payments will include a 3.2% increase compared to the previous year’s monthly amounts, thanks to the annual cost-of-living adjustment announced in October.
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