Some retirees are set to receive a maximum payment of $5,108 this week, depending on their earnings history.
The amount varies based on the individual’s lifetime earnings and the age at which they begin claiming Social Security.
Those who claim at full retirement age can receive up to the maximum benefit amount, which is $5,108.
Retirees who delay claiming Social Security past the full retirement age could receive even higher monthly payments.
Payments are distributed according to the Social Security number, with specific dates for retirees to receive their benefits.
Social Security payments may include an annual COLA, which can increase the benefit amount each year, impacting the $5,108 figure.
Claiming benefits at age 62 results in lower monthly payments compared to waiting until full retirement age (67 for most people).