Millions of Americans have finished their Christmas shopping and they need to have some cash and a new payment. The Social Security Administration is sending new checks for a specific group of retirees.
Undoubtedly, this money will be like a breath of fresh air, but not all American retirees qualify for this great payment. The thing is most seniors have already received their checks in December.
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Therefore, they will have to wait until January to cash a new payment. But December 27 will be your payday if you meet the following requirements. Social Security claims that this check is yours if you have received benefits after May 1997 and your birth date matches this payday.
ELIGIBLE AMERICANS FOR A SOCIAL SECURITY PAYMENT ON DECEMBER 27
Apart from having filed before, your birthday must be from the 21st to the 31st of any month. That means that if your birthday is before the 21st, you will not cash this Social Security payment on December 27.
The Administration will make sure that only eligible recipients cash it. Remember that if you are on disability benefits (SSDI) your payment will also arrive on the same day.
Of course, you must also meet the birth date condition and the date of filing. Do not forget that those who filed and started receiving Social Security checks before May 1997 get their money first.
Hence, they will be the first Americans to cash their monthly payments in January 2024. As a matter of fact, Social Security has confirmed that the next payment with the 2024 COLA increase will be on January 3. Then, there will be other checks on January 10, 17 and 24.
CHECK AMOUNTS FOR DECEMBER 27
The maximum amount for the December 27 payment will be for retirees who were high earners for at least 35 years and filed at 70. If you managed to do all that, you could get up to 4,555 on December 27.
Those who filed at Full Retirement Age in 2023 can get up to $3,627. Early filing at 62 could be a waste of money though. It will imply getting a reduction of 30%.
In fact, you could get up to $2,572 if you file at 62. Comparing it with the largest payment at 70, you are saying goodbye to thousands of dollars in just one year.
As for the average payments, it will be $1,848 in 2023. After the COLA boost, it will become $1,907 next year. SSDI recipients can get average checks worth about $1,489. It will become $1,537 in 2024. Social Security will send the new COLA from December 29 and SSI recipients will get it first.