Payments are coming soon and millions of seniors cannot wait to receive them. Retirees can collect checks worth up to $4,555. Nevertheless, that is the maximum amount and few can qualify for it.
The Social Security Administration claimed that the average payment retirees can receive in 2023 is $1,848. After receiving the 2023 COLA boost in 2023, payments have not increased so far.
It will be on January 3 when retirees will start collecting more money after the 2024 COLA increase. So, the next Social Security payment on Wednesday, December 27 will not include the rise for seniors on retirement benefits.
RETIREES AND THEIR ELIGIBILITY FOR THE DECEMBER 27 PAYMENT
If you are on Social Security benefits, you must meet the birthdate requirement to collect the next payments. Retirees on retirement benefits before May 1997 are not eligible. They must have received their payment on December 1, 2023.
Those who received a payment on December 20 or December 13 will not qualify either. Therefore, if your birthday is from the 21st to the 31st you will receive this payment worth up to $4,555 on December 27.
Those retirees who received their checks on December 13 will have to wait until January 10 to collect their next payment. On that date, they will receive their COLA increase of 3.2%. On average, all seniors will collect payments of about $1,907.
That means retirees will get about 59 dollars more per month. Undoubtedly, it is a much lower rise than the one in 2023. But still, it is higher than average annual COLAs, so it could have been worse.
WHEN WILL THE FIRST RETIREMENT BENEFICIARIES RECEIVE THEIR COLA BOOST?
The first retirees to get their 2024 will be those on benefits before May 1997. Their payday with the COLA jump will be January 3. So, that will be the day when Social Security will send more cash to seniors.
Those who qualify for Supplemental Security Income will get it even faster. SSI beneficiaries will get their new COLA boost before 2024. This is because their January check cannot be sent on New Year.
As it is a holiday they will get it in advance. The rest of the retirees will collect them on January 10, January 17, and January 24. Getting 59 dollars may not be enough because the medical expenses and food are too expensive.
However, you should be wise and stick to a monthly budget. Retirees can save a lot of money if they plan their weekly meals in advance too. Not wasting food is essential. Leftovers can be kept in the freezer and using dollars rather than credit cards can make you be aware of the money you overspend.
