Retired Americans can earn up to $4,873 in Social Security payments starting this month due to a 3.2% increase in checks.
Over 71 million Social Security recipients will witness the rise, the third consecutive increase in as many years aimed at keeping up with inflation.
The Social Security Administration (SSA) administers the program, providing retired senior workers with a steady income.
Both Social Security and Supplemental Security Income recipients will see cost-of-living increases.
Eligibility for retirement benefits includes being aged 62 or older and having worked and paid Social Security taxes for at least 10 years.
Children may also be eligible for benefits based on a parent's work history if they are under 18, attending school full-time at 18 or 19, or have a disability.
The maximum benefit in 2024 varies with retirement age: $4,873 at age 70, $2,710 at 62, and $3,822 at full retirement age.
Benefit calculations can be estimated by creating an account on the SSA website to understand the impact of various factors like earnings and retirement age.
Social Security payments are scheduled based on the recipient's birth date and are paid out on different Wednesdays of the month.
Seniors needing to update their direct deposit information can visit a specific page or call the SSA for assistance.