The next retirement payment will be on February 28. If you have been on benefits since before May 1997, you are not eligible for this monthly payment. In fact, your check will be due on March 1, 2024.
What is more, Social Security will ensure your birthday matches the requirements to collect the February 28 payment. This retirement check is only for you if your birth date is from 21-31.
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Therefore, if you have been on benefits after April 31 1997 and your birthday is from the 21st to the 31st, this retirement payment will be yours. The amount of the check will depend on your work and earnings history.
RETIREMENT BENEFIT AMOUNTS FOR FEB. 28
The average payment retirees can receive is about $1,909 as of January 2024. However, some low earners may get a lot less. On the contrary, high earners can receive up to $4,873.
To get $4,873 on February 28, you must have earned the taxable maximum for 35 years. Filing at the age of 70 is also a requirement. Of course, if your job is not covered by Social Security you cannot receive retirement or disability benefits.
Other seniors who earned the taxable maximum for 35 years but filed earlier may get lower payments. For example, filing at 62 can give you a check of up to $2,710. If you filed at Full Retirement Age, you could get up to $3,822 only.
DISABILITY BENEFITS DUE ON FEBRUARY 28
Not only can you receive a payment on February 28 if you are on retirement benefits. But you can also receive money if you are on SSDI (disability benefits). However, the largest check will be $3,822.
So, SSDI recipients get a lot less than in retirement. The average SSDI payment is about $1,537. Not even after the COLA boost have these disability benefits increased a lot.
If you are on SSDI benefits, to get it on the 28th, you must have also gotten benefits after or in May 1997. Birthdays from 21-31 are also essential to be eligible for this payment.