After January 24, there will be no other Social Security retirement payment in 6 days. Money is scarce with such high inflation and exorbitant prices for food and services.
That is why retirees need to know when their next payment is due. Retirement could be costly, especially if you have not saved enough money or you have too many expenses.
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As a matter of fact, retirement is not advisable at the age of 62 because you get a 30% reduction. Of course, if you are ill or cannot find a job, it is fair enough to file at 62.
RETIREMENT BENEFITS & ELIGIBILITY
If you filed and collected benefits before May 1997, the February 2 check will be yours. Some seniors on Social Security retirement benefits may also get SSI on February 1.
If you are eligible for both SSI and retirement benefits, the payment on February 2 is also for you. Thus, there are two possible types of recipients on the second day of February.
Those who started getting retirement benefits from May 1997 onward have to wait a little longer. Their paydays will depend on their birthdays. So, if your birth date is from 1 to 10, your check is due on February 14.
If it is from 11-20, your payday will be on February 21. February 28 will be the last payday if your birthday is from 21-31. So, this will be the last day to receive money from the Administration in February.
SOCIAL SECURITY AMOUNTS FOR RETIREES IN FEBRUARY 2024
The maximum amounts are the same for all retirement checks in 2024. In actual fact, the largest Social Security benefit for retirees is worth $4,873. It has increased by 388 dollars since it was $4,555 in 2023.
For your information, if you have not filed for benefits and would like to get $4,873 in 2024, you must meet 4 requirements. Filing at the age of 70 is one of them.
The second one is to have worked for 35 years. The third is to have paid payroll taxes to the Administration. Finally, the last condition is to have earned the taxable maximum for a minimum of thirty-five years.
If you meet all these requirements, but you file at Full Retirement Age in 2024, you can get $3,822 instead. At 62, it could be up to $2,710. Moving to to average Social Security benefits, as of January 2023, they are about $1,907.