Social Security update: Second round of February payments worth $4,873 goes out in five days

A second wave of February’s three Social Security payments, worth up to $4,873 for the highest earners who retire at 70, will go out to retirees in five days.

Retired seniors born on or between the 11th and 20th of their birth month will receive the second payment on Wednesday, Feb. 21, according to the Social Security Administration’s calendar.

Retirees born on or after the 21st of the month will get their payments on Wednesday, Feb. 28, while those born between the 1st and 10th of the month received theirs on Feb. 14.

There are several factors in the maximum amount each person can receive, 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.

The highest amount that a senior who retires at 70 can get is $4,873 per month. Those who retire at the youngest age possible, which is 62, can only receive up to $2,710 a month.

If people retire at the full retirement age of 67, their maximum benefit is $3,822 per month, according to the SSA.

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The 2024 payments include a 3.2% increase compared to the monthly payments last year. The boost is part of the annual cost-of-living adjustment, which was announced in October.

A personalized estimate of what each person can expect every month can be found via the SSA's calculator.