A new payment will be due on January 3, 2024. Besides, all paydays have already been arranged for January 2024. More than 71 million Americans will be ready to receive money from Social Security.
Thankfully, all the January payments will have a 3.2 percent increase. The Social Security Administration has announced that the January 3 check will only be for those who received retirement or disability benefits before May 1997.
Therefore, if you do not meet that single requirement, you will have to wait longer for your monthly payment. After January 3, there will be 3 more paydays for retirees and disability beneficiaries.
WHO QUALIFIES FOR A PAYMENT WORTH $4,873 ON JANUARY 3, 2024?
If you received checks before May 1997, you will receive a Social Security payment on January 3, 2024. However, not everyone is eligible for the largest amount. There are three key requirements you must meet.
In order to get $4,873 in 2024, you must have retired at the age of 70. What is more, you must have worked for 35 years. Not only that, but you must have earned the taxable maximum for all those years, 35 in total.
Therefore, very few retirees can receive such a large payment. Only some American workers can earn $160,200 in 2023 or $147,000 in 2022. Remember that this taxable maximum increases over time.
So, it gets more complicated over time. Social Security rewards those who delay retirement. Thus, to get 24% extra, it is advisable to file at the age of 70. Early retirement at 62 means getting a reduction of 30%.
OTHER CHECKS IN JANUARY 2024
If you did not receive Social Security retirement benefits before May 1997, but later, your checks will arrive on the second, third, or fourth Wednesday. To know which one will be yours, pay close attention to your birthday.
The earlier in the month your birthday is, the faster your payment will be. So, if your birthday is from 1-10, your January payment will be on the 10th. Those whose birthday is from 11-20 will receive their money on January 17.
The last January payment will take place on the 24th. Thus, if your birthday is from 21-31, your Social Security retirement benefits will arrive on that date. average checks worth about $1,907 will be ready, up from $1,848.
At the age of 62, retirees can collect up to $2,710 in 2024. If you reach Full Retirement Age in 2024, your payment will be up to $3,822. As you can see, delaying retirement can pay off. Those who receive a small check can apply for SSI or SNAP benefits to get more money every month and fight food insecurity.