A new payment is due on January 24. There are millions of seniors who have already received their retirement checks. However, there is still one group of retirees who have not collected their money yet.
Therefore, these seniors have not enjoyed the new COLA increase. Getting a 3.2% extra per month will definitely come in handy for those who are on a shoestring budget.
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Although the next Social Security payment is for seniors aged 62 and older, not all recipients qualify for the same amount. There is a group of seniors aged 70 who can be eligible for a check of up to $4,873.
PAYMENT DATE AND ELIGIBILITY
The next Social Security check will arrive on January 24. This will be the last retirement benefit this month. To get $4,873 you must meet three conditions. Of course, this payment is only for those who started receiving Social Security from May 1997 onward.
Besides, you must have worked for 35 years. Not having worked for this specific number of years can reduce your check considerably. Moreover, you must have filed at the age of 70 in 2024.
The last requirement is to have earned the taxable maximum for 35 years. Remember that the taxable maximum is a really high amount for most workers. It is $168,600 in 2024, up from $160,200 in 2023.
So, if you earned the taxable maximum for 35 years and filed at 70 you will receive $4,873 on January 24. The average payment will be $1,907. Thus, if you did not meet all the requirements your amount may be similar to that one.
CHECKS ARRIVING AFTER JANUARY 24
If you are on Social Security but your payment is not the one on January 24, you will get your next check in February. February 1 will be your payday if you qualify for Supplemental Security Income.
If you receive both SSI and Social Security, your retirement or SSDI payment will be due on February 2. Another possibility to get Social Security on February 2 is if you began collecting checks before May 1997.
The next payments will arrive on the second, third, and fourth Wednesday in February. So, the dates will be February 14, 21 and 28. Do not forget that if you have not filed for benefits yet, you should delay retirement to get up to 24% extra.
If you have already filed and your benefits are too low, take advantage of other benefits. For example, you may be eligible for SSI and for SNAP benefits. They could be of great help when in financial difficulties.