Social Security update: Second round of April’s payments worth $4,873 goes out in five days
The second of April’s three Social Security payments, worth up to $4,873 for the highest income earners who retire at 70, will go out to the next group of retirees in less than a week.
The next round will go out in five days, on April 17, to beneficiaries that were born on or between the 11th and 20th of the month, according to the Social Security Administration’s calendar.
People born on or after the 21st of their birth month will receive their checks on Wednesday, April 24, while those born on or before the 10th of the month got their checks on April 10. Each recipient just gets one check.
The maximum payment that a retiree 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.
The highest amount that a senior who retires at 70 can get is $4,873 per month. If people retire at the full retirement age of 67, their maximum benefit is $3,822 per month, according to the SSA. People that retire at the youngest age possible, which is 62, can only receive up to $2,710 a month.
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2024’s payments include a 3.2% increase compared to the monthly payments of 2023, which is part of the annual cost-of-living adjustment.
Not every recipient will receive the highest amount, so a more personalized estimate of what each person can expect every month can be found via the SSA’s calculator.
