Banks are sending a new payment to millions of eligible retirees. If you are 62 years old or older, you may qualify for one of the February checks. Of course, it is only for those who got approval from Social Security.
February 2 is the second payday in February. The first payment was due on February 1 and it was only for those beneficiaries on Supplemental Security Income (SSI).
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To get a Social Security retirement payment you must have worked in jobs covered by SSA. Even if you have worked for 35 years, you reach Full Retirement Age and your earnings were high, you will not get benefits unless you file for them.
This system is designed to ensure that those who have contributed to the workforce and the economy over a significant period have access to financial support in their retirement years.
The process of filing for Social Security benefits involves submitting a claim to the Social Security Administration (SSA), where your work history and earnings record are reviewed to determine your eligibility and benefit amount. It’s crucial to apply for benefits as you approach retirement age to ensure you do not miss out on any payments you are entitled to.
ELIGIBLE SENIORS FOR THE FEBRUARY 2 PAYMENT IN THE USA
If you received the February 1 SSI check and you are also on Social Security, you are eligible for the February 2 check. However, this is not the only way to qualify for this money.
If you have been on Social Security retirement benefits for many years, you may still have a chance to be eligible. Seniors who began receiving Social Security before May 1997 are also entitled to this payment.
Therefore, those seniors aged 65 with a low income who get SSI can get their check on February 2. But also those seniors on retirement benefits before May 1997.
It is true that this could be your payday even if you are not on retirement benefits. Social Security Disability Insurance beneficiaries may also get their money if they meet the already-mentioned requirements.
MAXIMUM PAYMENT AMOUNTS
The Social Security Administration increased benefits by 3.2% after the 2024 COLA. SSA also set the maximum benefit amount for this year. As a result, the largest payment could be $4,873.
Bear in mind that the largest payment was $4,555 in 2023. So, the largest benefit has increased a lot more than 3.2%. This is because they use the taxable maximum to work out maximum amounts.
If you earn the taxable maximum for 35 years and file at the age of 70, you can get $4,873. Average checks are much lower since they are just about $1,907 in 2024.
The previous average payment was $1,848 as of December 2023. If you also get SSI, your check could be about $674 on average. Maximum SSI amounts are $943 (single) or $1,415 (married).