By Raúl Rodríguez Cota
07 Apr 2024, 1:46 PM EDT
Next Wednesday, April 10, a group of retirees will receive the first of this month’s three monthly Social Security payments, with amounts that can reach up to $4,873 for those who retired at age 70 with the highest income.
According to the Social Security Administration calendar, payment will be made on Wednesday to beneficiaries who were born on or before the 10th of any month of the year.
Those born after the 11th will receive their checks in one of the next two payments that will be made this month and which are scheduled for April 17 or 24.
The maximum amount a retiree can receive depends on several factors, such as the amount they have paid into Social Security, the years they were contributing to the program and the age at which they retired, the latter being the most important factor.
The largest amounts are received by those who retired at age 70, reaching $4,873 dollars per month.
Those who retire at full retirement age, which is 67, will receive a maximum of $3,822 per month.
Those who retire at the earliest possible age, which is age 62, can only receive up to $2,710 per month.
The 2024 payments include a 3.2% increase compared to the 2023 monthly payments, as part of the annual cost of living adjustment.
Not all beneficiaries will receive the maximum amount, so a more personalized estimate of what each person can expect each month can be found through the SSA calculator.
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