By Raúl Rodríguez Cota
Feb 28, 2024, 11:47 AM EST
Today, the United States Social Security sent the third and final payment for February. This payment was up to $4,873 dollars for those who decided to retire at age 70.
Beneficiaries born on or after the 21st of any month of the year received their payments on Wednesday, February 28, following the Social Security Administration calendar.
Those people whose dates of birth are between the 1st and the 20th have already received their money in two previous waves.
The next payment shipment is scheduled for March 13. That will be the first payment of that month.
The maximum amount of payments varies depending on several factors, such as retirement age, the total amount a person gave to Social Security and the years in which they were making contributions.
However, the age at which a person decides to retire is the factor that most influences the amount received.
For example, a person who retires at age 70 can receive up to $4,873 per month, while those who choose to retire at the minimum age of 62 receive up to $2,710 per month.
For those who decide to retire at full retirement age, which is 67 years of age, the maximum benefit is $3,822 per month.
The 2024 payments had an increase of 3.2% compared to the previous year, which means an average of $50 additional dollars per month, compared to the 2023 payments.
This increase is part of the annual cost of living adjustment.
For a more personalized estimate of the amount you can each expect monthly, the SSA offers a calculator on its website.
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