January 24 was the last day that Social Security issued a check for this month. Therefore, it is time to start organizing your finances. If you received your last payment on January 3, you may be eligible for the next payment on February 2, 2024.
There will be another check before February 2. In fact, it is the Supplemental Security Income benefit. It will be due on the first day of the next month. It is true that some recipients may get retirement and SSI at the same time.
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Therefore, some beneficiaries will get money on February 1 and February 2 as well. This will be ideal because you can get all the money you expect almost at the same time. So, you can start paying your monthly expenses faster.
ELIGIBLE RETIREES FOR THE FEB. 2 CHECK
Bear in mind that to qualify for the February 2 check, you must have started collecting Social Security before May 1997. This is the way the Administration divides payments.
However, there is another group of seniors who also receive the February 2 payment. The thing is it is for a different reason. If you are on Supplemental Security Income and Social Security at the same time, you will also receive your payment on February 2, 2024.
The rest of retirees will receive a monthly check depending on when their birth date is. For example, if your birthday is early in the month, you will get your payment earlier than others too.
So, apart from the February 2 check, there will be three more payments on February 14, 21, and 28. The amounts of your payments will depend on your personal background.
AVERAGE PAYMENT ON FEBRUARY 2
Retirees will get an average payment worth $1,907 on the second day in February. Nevertheless, your check could be lower or higher since this depends on your previous earnings, work history, and filing age.
The maximum amount you could get on February 2 will be $4,873 at the age of 70. If you get $3,822 is because you filed at Full Retirement Age, worked for 35 years, and earned the taxable maximum all those years.
Do not forget that after January 24, all checks will continue including the 2024 COLA. Getting 3.2% does not seem enough for many retirees, but it is much higher than in most years.
Do not forget that if you file at 62 you get a check reduction of about 30% per month. That is why the largest check at 62 could be $2,710 and $4,873 at the age of 70.