Although the Social Security Administration has increased benefits by 3.2% in 2024, some have not received their new payments yet. Whether you are on SSDI or retirement benefits, your check may arrive on the same day.
Receiving more money every month will be essential to make ends meet. This is because inflation and soaring prices are making it really difficult to get by for Americans on Social Security benefits.
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Unfortunately, Social Security benefits have not increased as much as in 2023. For your information, the previous boost was up to 8.7%. Hence, there is more than a 5% decrease in the new COLA.
SOCIAL SECURITY AND PAYMENT ELIGIBILITY
If you are on retirement or disability benefits and you have not received your payments yet, do not worry. There are one more paydays left in January. The next one will be on January 24, 2024.
To qualify for the Social Security payment on January 24 you must meet the birthday requirement. Those retirees or people with a disability on benefits from May 1997 onward and whose birthdays are from 21-31 are eligible.
Those who started receiving retirement or disability benefits before May 1997 will get their check on February 2, 2024. So, you must wait a little longer for that Social Security payment.
WHO CAN RECEIVE $3,822 ON JANUARY 24?
Well, congratulations if you have managed to get such a large Social Security check. This payment is only for those workers who have been high earner for many years.
Remember that the more you pay to Social Security, the higher your future payment will be. Actually, not everyone qualifies for retirement or disability benefits because you must have earned at least 40 work credits.
40 work credits are about 10 years of work covered by SSA. This will only provide you with low monthly payments. But they could be better than nothing at all. So, to get $3,822 in 2024 you must meet 3 conditions.
It is only for workers who have earned the taxable maximum (contribution and benefit base) for a minimum of 35 years. Then, the age you age is also key. Only seniors who file at Full Retirement Age can get that check. the largest SSDI is also $3,822. But retirees can receive a payment of up to $4,873 in 2024.