Payments from the Social Security Administration can be low or can be really high. The largest retirement benefits were $2,572, $3,627, and $318 in 2023. Those were the maximum benefits for people at 62, at Full Retirement Age, or at the age of 70.
If February 21 or 28 is when you receive the maximum benefit for the first time, you can receive a lot more than in 2023. Had you filed in 2023, you would have received a smaller payment.
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After the 2024 COLA increase, all the payments got 3.2% more per month. Nevertheless, the largest benefits in 2024 can receive more than average checks. But what are the new maximum amounts in 2024?
MAXIMUM PAYMENT AT 62-70
The Social Security Administration can send up to $4,873 if you file at the age of 70 in 2024. Early filing may mean receiving a lot less. Those who file at 62 can get 30% less said SSA.
The largest benefit at the age of 62 is $2,710, up from $2,572. That is why eligible retirees can get $138 more than in 2023 in February. At the age of 70, you could get $318 more than in 2023.
Filing at Full Retirement Age can give you up to $3,822. Retirees can receive $195 extra after the COLA boost in 2024. To get the largest benefits you must have earned* the taxable maximum for 35 years. *(Only in jobs covered by Social Security)
PAYDAYS FOR ELIGIBLE BENEFICIARIES IN FEBRUARY
Retirees who have filed and got benefits from May 1997 onward, may still get some cash from Social Security. Their payment dates could be February 21 or February 28.
The Administration uses beneficiary’s birthdays to send their monthly payments and arrange them. For example, if your birthday is from the 11th to the 20th, your payday will be on February 21.
Those retirees whose birthdays are from the 21st to the 31st will collect their retirement payment on the 28th. If your birthday is from 1-10, your payday will be on March 13.