Payments are like a breath of fresh air for millions of seniors. If you are 62 years old or older and are on Social Security retirement benefits, you may be waiting for your monthly check.
The money that retirees receive from the Administration is essential to be able to afford all they need to buy. The thing is, some seniors have already collected their payments.
Therefore, it is not possible for them to get another one. Remember that you can only get 12 Social Security payments per year, that is only one per month. And there is good news for all eligible recipients.
PAYMENTS WITH COLA BOOST IN 24 HOURS
The Government has confirmed that all January payments will include the 3.2% increase. Hence, the average retirement check will benefit from getting about 59 dollars extra per month. But are you eligible?
As long as you meet 2 conditions, you can receive the next Social Security retirement benefit. The first and most important one is the fact that you must have filed for Social Security.
Those who have not filed cannot receive any payments. What is more, your birthday should match the Administration criteria. So, if your birthday is from 11-31, you will not be eligible.
These payments are only for seniors aged 62 or older. Besides, they must have filed for retirement benefits from May 1997 onward. And their birthday must be from the 1st to the 10th.
STAGGERING MAXIMUM AMOUNTS
After the Cost of Living Adjustment for 2024, all payments have increased. The first ones to take advantage of their boost were those on Supplemental Security Income (SSI).
The largest increase is for American workers who have earned the taxable maximum for at least 35 years and filed at 70. If the maximum benefit amount was $4,555 in 2023, it has become $4,873.
Undoubtedly, that is bigger than 3.2%. But this is because the taxable maximum has increase more too. Most seniors get average payments worth $1,907, up from $1,848. Apart from those two amounts, some seniors at Full Retirement Age can get up to $3,822.
Those early filers at 62 can get up to $2,710. Remember that early filing means receiving a lot less. So it is advisable to take into account inflation and soaring prices before applying for Social Security payments. If your benefit is too low, apply for Supplemental Security Income and SNAP benefits. Get as much as you can.
