Third Round of January Social Security Payments: In just five days, the final cohort of retirees will receive the third and final round of January Social Security payments, which can accumulate to $4,873 for high-earners who retire at age 70.
On Wednesday, 2024, retirees born on or after the 21st of that month can anticipate receiving their initial payment. Individuals born on or between the first and twentieth of each month ought to have received their payments earlier.
The amount an individual receives can fluctuate depending on several factors, including age at retirement, Social Security contribution amount, and number of years of contributions to the program. However, the age at which recipients retire is primarily what determines the amount they are eligible to receive.
3 Steps to Maximize Your Social Security Benefit and Receive $4,873 Monthly
A senior can receive up to $4,873 per month upon retirement at age 70. Although 62 is the earliest age to retire, in 2024, retirees can only receive a maximum of $2,710 per month. According to the Social Security Administration, the maximum monthly benefit for those who retire at the full retirement age of 67 in 2024 is $3,822.
It is anticipated that the totals will decrease unless Congress takes action to prevent it. Analysts project that beginning in 2034, the Social Security Administration will be unable to pay recipients in full due to an aging population and a decline in the number of laborers.
The monthly checks of recipients in 2024 are anticipated to increase by 3.2% in comparison to the monthly payments received in 2023. Included in the annual cost-of-living adjustment that was declared in October is the increase.
Using the SSA’s calculator, beneficiaries can view a personalized estimate of what they can anticipate each month.
Important Changes to Social Security and Medicare in 2024: Here What You Need to Know
