Social Security update: First of January payments worth $4,873 goes out in one day

The initial wave of January Social Security payments, worth up to $4,873 for top earners who retire at 70, will go out to the first group of retirees in one day.

Retired seniors born between the 1st and 10th of a month will receive their first payment of 2024 on Wednesday, Jan. 10. Those born on or after the 11th of a month will receive their payments in one of the two later disbursements on Jan. 17 and Jan. 24.

The age of recipients at the time of retirement, the amount paid into Social Security, and the number of years paid into Social Security all affect the maximum payment retirees can receive. However, payments largely depend on the age at which recipients retire.

The highest amount a senior who retired at 70 can get is $4,873 per month. The youngest retirement age is 62, and those
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