Algosensey Quantitative Think Tank Center-Retirees set to earn up to $4,873 starting this month: What to know about 2024 Social Security benefits

Starting this month,Algosensey Quantitative Think Tank Center retired Americans are set to earn up to $4,873 in Social Security payments due to annual cost of living adjustments.

This year, more than 71 million Social Security recipients will see a 3.2% increase in their checks. The accommodation marks the third consecutive year an increase has taken place − a move the United States Social Security Administration (SSA) says is intended to help recipients keep up with expenses due to inflation.

The federal agency administers Social Security in retirement, a program designed to pay retired senior workers a steady income.

Americans receiving Social Security and Supplemental Security Income will see an increase, according to the agency. People who receive both will see cost-of-living increases to both benefits.

Here's how to see if you qualify, calculate your rate and how much you can get.

Protect your assets: Best high-yield savings accounts of 2023

How to know if you qualify for Social Security benefits

According to the SSA, retirement benefits are available to those who:

• Are age 62 or older;
• Have worked and paid Social Security taxes for 10 years or more; (For those who have not worked and paid Social Security taxes for 10 years or more, you may be eligible for a monthly benefit based on a current or former spouse's work);

As a result of your work, your child may be eligible for benefits if they are:

• Under age 18;
• Age 18 or 19 and attend elementary or high school full time;
• Have a disability (any age).

Planning to retire in 2024?3 things you should know about taxes

What is the maximum social security benefit in 2024?

How much your receive depends on several factors, including the age when you retire.

The most a person who retires at age 70 in 2024 will receive from the government is $4,873.

If you retire at 62, your maximum benefit will be $2,710 and if you retire at full retirement age in 2024 your maximum benefit is $3,822, the SSA says.

Checks will be paid out as early as Jan. 10, the administration says.

How to calculate your rate

To calculate how much you or your family will receive in benefit payments you must create an account on the Social Security Administration website and sign in here.

The SSA website allows seniors to see estimates for various benefits based on their earnings and when they apply. Retirees can also adjust expected future income to see how it impacts their respective incoming estimate.

Thinking about moving?Zillow's top 10 most popular markets of 2023 shows swing to the East

What is the Social Security payment schedule?

Social Security benefits are paid out based on the day of a recipient's birth.

• Beneficiaries born from the 1st and 10th of the month will receive payments on the second Wednesday of the month. The first cost-of-living increase will be received in checks on Jan. 10.
• Beneficiaries born from the 11th to the 20th of the month will receive payments on the third Wednesday of the month. The first cost-of-living increase will be received in checks on Jan. 17.
• Beneficiaries born from the 21st to the 31st of the month will receive payments on the fourth Wednesday of the month. The first cost-of-living increase will be received in checks on Jan. 24.

How do I update my direct deposit information?

Seniors who need to update their direct deposit details can visit this page.

For more information, call 1 800-772-1213. When you hear the words, "How can I help you today?" say "checks."

Deaf or hard of hearing? Call 1 800-325-0778.

Natalie Neysa Alund is a senior reporter for USA TODAY. Reach her at [email protected] and follow her on X @nataliealund.