Staff Reports
In March, the second batch of fat Social Security payments, worth up to $4,873 for the biggest earners who hang up their hats at 70, will be sliding into the bank accounts of a second wave of retirees soon.
Social Security update: Second round of March payments worth $4,873 goes out in five days https://t.co/XJa2yUZy5T https://t.co/XJa2yUZy5T
— Washington Examiner (@dcexaminer) March 15, 2024
Those folks lucky enough to have been born from the 11th to the 20th of the month can expect to see their windfall on Wednesday, March 20, as per the schedule from the Social Security Administration.
Now, if you were born after the 20th of the month, you’ll have to hold your horses until March 27 for your payday, while those born on or before the 10th gobbled up their check last Wednesday.
Each recipient only gets a single shiny Social Security envelope, but the big day they get their mitts on the moolah is determined by the day they popped into this world.
So, how much dough are we talking about here? Well, it all depends on things like the age you threw in the towel at work, the amount of cash you tossed into the Social Security pot, and the number of years you paid into the program. But the age you retired at is the real big cheese in this equation.
For instance, if you decided to retire at the ripe old age of 70, you could rake in up to a whopping $4,873 each month. If you called it quits at the full retirement age of 67, you’re looking at a maximum benefit of $3,822 each month, as per the SSA.
And just in case you were in a real hurry to start enjoying that retired life, and retired as early as possible at 62, you’d be getting a maximum of $2,710 a month.
What’s the scoop on next year’s dough, you wonder? Well, you’ll be pleased to know that 2024’s payments are getting a sweet 3.2% bump compared to last year’s monthly payments, all thanks to the annual cost-of-living adjustment.
