After the latest COLA increase, American retirees receive 3.2% more in their retirement checks. The largest benefit for retirees is worth $4,873. To get it, workers must meet 4 conditions.
If you have earned the taxable maximum for 35 years in jobs covered by Social Security and filed at 70, this check will be yours. However, the day when you receive it may be a different one.
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Retirees whose birthdays are from 11-20 will get their check worth up to $4,873 on February 21. However, if your birthday is from 21-31, you will have to wait longer to cash your payment.
CHECK YOUR PAYDAY IF BORN 21-31
American retirees whose birthdays are from 21-31 and filed after May 1997, can get their payment on February 28. Thus, if your birth date is from the 11th to the 20th, your payday is on February 21.
If it is later, from the 21st to the 31st, you will receive your payment of up to $4,873 on February 28. Bear in mind that if you did not receive benefits before May 1997, your paydays are on Wednesdays.
Some may have already received their payment of up to $4,873 on February 14. This is the case with retirees whose birthday is from the 1st to the 10th. Actually, their next payment will be due on March 13.
AVERAGE RETIREMENT BENEFITS IN FEBRUARY
The Social Security Administration (SSA) published the latest monthly statistical snapshot in February. As of January 2024, the average retirement check is worth $1,909.01.
If you earned the taxable maximum for at least 35 years and applied for Social Security at 62, you could get up to $2,710. At Full Retirement Age, retirees can receive a check worth $3,822.
Huge checks worth $4,873 have increased a lot more than the COLA increase. The previous maximum amount was $4,555. Therefore, eligible beneficiaries can get $318 more per month in the USA.