If you are 62 years old or older, there is great news for you. If you are on disability benefits, there will also be a payment for you. As long as you meet the requirements, you will collect some money.
For your information, December 27 will be the last day of the year to cash retirement or Social Security Disability Insurance. Therefore, if you have not collected a payment yet, this check may be yours.
The thing is the last check is only for those who did not receive benefits before May 1997. What is more, they must have their birthday on specific days. For example, those whose birthday is from 1-20, will not get a payment on December 27, 2023.
DECEMBER 27 PAYMENT AND ELIGIBILITY
Those retirees and people on Social Security Disability Insurance whose birth date is from the 21st to the 31st will get a payment on December 27. Of course, only if you filed for benefits after May 1997 or in May 1997.
Do not forget that these checks will not include the Cost of Living Adjustment that the Social Security Administration set last October 12, 2023. This is because it is a payment for 2023.
Only the 2024 payments will include the COLA increase. After the last COLA boost, checks are expected to increase by 3.2%. For instance, if you get a check worth $1,000, you will get $1,032 in January.
Regardless of the type of payment you get from Social Security, you will receive a 3.2% more in 2024. The first Americans to collect the COLA increase will be those on Supplemental Security Income (SSI) on December 29.
AMOUNTS FOR THE RETIREMENT AND DISABILITY BENEFITS ON DECEMBER 27
Once you know you are eligible because your birthday is from 21-31, and because you had already started collecting benefits from May 1997 or later, you may want to know the amounts.
The maximum amounts will depend on the age you retire. The closer to age 70 you retire, the higher your payment will be. For example, if you filed at 70, you could receive up to $4,555 in 2023.
To get so much money you must have been a high earner and worked for 35 years. Those high earners who earn the taxable maximum for 35 years and file at 70 can opt for the largest payments.
The largest check at Full Retirement Age is $3,627 in 2023. That is also the maximum amount if you get SSDI (disability benefits). Average SSDI payments are $1,489 in 2023. Retirees can get $1,848 on average in 2023. Expect $1,537 and $1,907 in 2024 after the 3.2% COLA jump.