Social Security has scheduled the first February payment for February 1. However, this payment is only for a specific group of Americans. In fact, only if you have a low income and qualify for Supplemental Security Income you can receive this check in the USA.
The positive thing about the SSI check on February 1 is the fact that some retirees also receive this money. This happens when they are on a small Social Security retirement benefit and they need a supplement.
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So, bear in mind that it is possible to collect Social Security and Supplemental Security Income at the same time. Of course, it is only possible for retirees whose income is so low they cannot make ends meet.
WHEN WILL THE NEXT SOCIAL SECURITY PAYMENT BE DUE?
The Administration has confirmed that the following retirement payment will be due on February 2. However, it was supposed to arrive on February 3, so this is great news for those who have no money left in their pockets.
For your information, the Administration never sends checks on a Saturday, Sunday, or a business day. As February 3 falls on the weekend, it is not possible to send it on that day.
Hence, Social Security will send it on the previous business day. In this way, there will be no delays since banks and financial institutions are open to be able to process these payments.
To qualify for the February 2 payment, you must have started receiving retirement benefits before May 1997. Those on both Social Security and Supplemental Security Income will have February 2 as their payday. The rest of the payments will be due on February 14, 21 and 28.
WHO CAN GET $4,873 IN FEBRUARY?
Social Security has revealed the largest benefit in 2024. In fact, the largest payment you can get is $4,873, up from $4,555. This payment is only for those who filed at the age of 70 and meet two more requirements.
Apart from delaying retirement so much, you must have worked for a minimum of 35 years. Not doing so reduces your payment a lot and your check begins to shrink.
Social Security also requests workers to have earned the taxable maximum for 35 years. So, if you have earned the taxable maximum ($160,200 in 2023) for 35 years and filed at the age of 70, this $4,873 payment will be yours in February.
The average Social Security retirement check is worth $1,907, up from $1,848 in 2023. It has grown 3.2% after the 2024 COLA increase. Nevertheless, some retirees get a lot less and need to apply for SSI.