The initial installment of February’s three Social Security disbursements, with a maximum value of $4,873 for individuals retiring at the age of 70 with the highest earnings, commenced distribution to the first cohort of retirees on Wednesday.
Social Security Payment Schedule
According to the Social Security Administration’s schedule, retired individuals born between the 1st and 10th of any given month should have received their payments by February 14th. Conversely, retirees born on or after the 11th of the month will receive their payments in one of two subsequent disbursements, either on Wednesday, February 21st, or Wednesday, February 28th.
Various factors contribute to determining the maximum payment each recipient can receive, including their retirement age, the total contributions made to Social Security throughout their working years, and the duration of their participation in the program.
For those retiring at the age of 70, the highest possible monthly benefit stands at $4,873. Individuals opting for the earliest retirement age of 62 are eligible for a maximum of $2,710 per month, while those retiring at the full retirement age of 67 can receive up to $3,822 monthly, as per the SSA guidelines.
Read more: SSDI Work Limits: Maximum Hours Allowed While On Disability
COLA: 3.2% Rise in 2024 Social Security Payments
The Social Security payments for 2024 reflect a 3.2% increase compared to the monthly disbursements from the previous year, a hike attributed to the annual cost-of-living adjustment, announced in October.
Experts project that without legislative intervention, the Social Security Administration (SSA) may face challenges in maintaining full benefit payouts to recipients within the next decade.
This forecast is primarily driven by an increasing number of retirees juxtaposed with a declining workforce contributing to the system.
Individuals seeking personalized estimations of their monthly benefits can utilize the SSA’s calculator tool to obtain tailored projections.
Read more: Navigating Social Security COLA: Tax Considerations For The Current Year
