Social Security update: First round of January payments worth $4,873 goes out Wednesday

The first round of January Social Security payments, worth up to $4,873 for top earners who retire at 70, went out to the first group of retirees on Wednesday.

Retired seniors born between the 1st and 10th of a month should 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, which will be released on Jan. 17 and Jan. 24.

Recipients should see a 3.2% increase in their checks for 2024 compared to their monthly payments in 2023. The boost is part of the annual cost-of-living adjustment, which was announced in October.

The age of recipients at the time of retirement, the amount paid into Social Security, and the
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