A new payment is due on January 24. This will be the last chance for millions of retirees to receive money in January. The thing is some eligible couples can get a great check.
Bear in mind that not all retirees receive the same amount. That is why it is important to know how retirement benefits work to achieve a larger payment once you file for benefits.
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Only the workers who have been high earners, filed late, and worked for a minimum of 35 years can receive the maximum retirement benefits. But the checks worth $3,814 are average benefits.
WHO CAN RECEIVE $3,814 ON JANUARY 24?
Since the Social Security Administration has announced that there are average retirement payments worth $1,907 for workers, some couples may receive this amount too.
If you and your spouse qualify for an average check on your own record, you will get each $1,907. Therefore, you will cash a total check worth $3,814 on January 24.
Of course, if you get a lower or higher payment, your check will be different. For example, some individuals can collect up to $4,873. This is the largest check possible in 2024.
The main requirements to get benefits on January 24 are 2. The first one is you must have started receiving benefits after or in May 1997. The second one is to have your birthday after the 10th but before the 21st. That is from 11-20.
WHEN IS THE NEXT PAYMENT AFTER JANUARY 24?
The Social Security Administration has already scheduled payments for February. As a matter of fact, there will 5 different checks. Therefore, there will be one more than during January.
This is because the Supplemental Security Income was due on December 29 rather than January 1. In February, the first SSI payment will be due on the first day of the month as usual.
Those seniors on retirement benefits before May 1997 will receive their payment on February 2. February 2 will also be your payday if you receive both SSI and Social Security.If you do not qualify for SSI or the February 2 payment, you will get them on either February 14, 21, or 28.
SSA arranges paydays on the second, third, and fourth Wednesday of the month. It will depend on your birthday the day you cash them though. File for Social Security if you are 62, and get checks every month. Make your retirement benefits grow by delaying retirement until you are 70 years old.