The second of March’s three Social Security payments, worth up to $4,873 for the biggest earners who retire at 70, will go out to retirees in four days.
Each recipient gets just one paycheck, but the week that they get the money is determined by the day of the month they were born. For example, people born on or after the 20th of the month will receive their payments on March 27, while those born on or before the 10th of the month just received theirs Wednesday.
The maximum amount a beneficiary can receive depends on certain factors, such as their age at the time of retirement, the amount they paid into Social Security, and the number of years they paid into the program. But the age of retirement is the biggest factor.full retirement ageThose who retire at the youngest age possible, which is 62, can only receive up to $2,710 a month.
The 2024 payments include a 3.2% increase compared to the monthly payments last year, which is part of the annual cost-of-living adjustment.
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