A new payment is due on January 17. As a matter of fact, it will not be the last one in January, and the Social Security Administration has confirmed another check on January 24, 2024.
If you are on retirement benefits, you may receive the January check on any of these two paydays. The thing is you must have filed for Social Security payments or you cannot collect them even if you may be eligible.
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The Social Security Administration warns that payments sometimes do not arrive on time. This may be because of your bank. Therefore, if you do not receive it, contact your bank first and allow three mailing days before you call SSA.
WHICH ARE THE 2 REQUIREMENTS TO GET THE JANUARY 17 PAYMENT IN THE USA?
First and foremost, you must have received retirement benefits from May 1997 onward. Those who started receiving retirement benefits earlier will receive their payment on February 2.
So, all the retirees who meet the filing requirement must also meet the birthday condition. Do not forget that the Social Security Administration arranges payments on the second, third, and fourth Wednesday.
To get the payment on January 17 you must have your birth date from the 11th to the 20th. For example, if your birthday is on the 15th, you can get your Social Security if you started collecting benefits after or in May 1997.
Bear in mind that if your birth date is from the 21st to the 31st, then your check will be due on January 24. For your information, this will be the first time that all these beneficiaries receive the 2024 COLA increase. Only those who got checks before have obtained the boost.
IS EVERYONE RECEIVING $1,907 IN THE JANUARY RETIREMENT CHECKS?
Not everyone can receive $1,907 even if they qualify for the January payment because they are on Social Security benefits. Remember that every retiree has their personalized amount. The age you file, your previous earnings and your work history shape your payment amount.
Actually, the Social Security Administration claimed on the latest COLA fact sheet that the average payment for 2024 is $1,907 after the 59-dollar COLA increase. However, if you did not pay enough taxes to SSA as you worked, you may get a lower check.
High earners may receive a larger Social Security payment though. In fact, they can receive up to $4,873 in 2024. To get that amount you must have earned the taxable maximum for 35 years as you worked. Plus, unless you retire at the age of 70 too you cannot get $4,873.