Getting $4,873 in retirement is what millions of Americans dream of. Such a large payment is possible in 2023. This is because benefits have increased after the Cost of Living Adjustment.
However, not many seniors will receive so much money in the February checks. This is because their earnings were not high, they probably filed early at 62 and they may not have worked for many years in jobs covered by Social Security. So, your payment may be lower.
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Do not forget that it is possible to get larger benefits in retirement. Work for at least 35 years and look for a better-paid salary. These two simple steps could help you increase your benefits a lot. If you work until you are 70, you will get a 24% reward from Social Security.
PAYMENT AMOUNTS FOR FEBRUARY 2, 2024
The largest amount for retirees on February 2 will be $4,873. If you have filed at Full Retirement Age, the largest check you could get is $3,822 in 2024. If you filed at 62, the largest benefit amount is $2,710.
However, expect lower checks because you must have earned the taxable maximum for 35 years to get so much money. What is more, you may not get this February 2 payment if you started receiving Social Security after or in May 1997.
Therefore, this payment is only for those receiving benefits benefits before May 1997. Average checks may give retirees about $1,907. Thanks to the 2024 COLA boost benefits are on average 50 dollars extra per month for all Social Security beneficiaries.
Retirement benefits have increased a bit more. They have increased by $59, so they get a little more than other beneficiaries. For example, SSDI recipients have just received $44 extra on average.
SOME RETIREES COULD RECEIVE ANOTHER CHECK ON FEBRUARY 1
If you do not qualify for either an average check or a maximum benefit amount, you may qualify for SSI. SSI is the Supplemental Security Income. It gives extra money to those with a low income.
SSI payments can be worth up to $943. For example, if you get less than $963 from retirement benefits and have no savings, you may get an SSI payment. On average, SSI can give you about $674 per month.
Since many seniors can get SSI and retirement benefits at the same time, they can get their first check on February 1 and the second on February 2. For your information, the payment on February 2 can be for those on benefits before May 1997 but also for those who also get SSI.
Retirees who have a low income and little resources could apply for SSI. SNAP benefits could also be a great way to supplement their monthly income. Inflation is making it really hard to make ends meet, so take advantage of all the possible benefits.