According to the Social Security Administration schedule, there are 2 payments left in January. Banks will soon start sending checks worth $1,907 on average for eligible beneficiaries.
Therefore, it is of vital importance that you get ready before you receive this money. It is time to start preparing your budget so that you do not overspend and can stick to the necessary expenses.
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PAYMENTS |
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Social Security COLA |
Soaring prices and inflation are making it difficult for millions of retirees to make ends meet. That is why the new payments will bring a COLA increase. In this way, the Social Security Administration ensures that retirees do not continue losing buying power.
WHEN CAN ELIGIBLE SENIORS RECEIVE THE NEXT SOCIAL SECURITY PAYMENTS?
Payments will be due on Wednesday, January 17, 2024. Finally, all eligible seniors will collect their checks with a 3.2% increase thanks to the annual Cost of Living Adjustment.
![Pensioners age 62 and older will receive an extra Social Security payment 2 Eligible seniors will receive retirement benefits worth $1,907 on average in their bank accounts soon](https://vibes.okdiario.com/vibus/wp-content/uploads/2024/01/Eligible-seniors-will-receive-retirement-benefits-worth-1907-on-avergae-in-their-bank-accounts-soon.jpg)
In order to be eligible for one of these payments, you must have filed from May 1997 onward. Not before because they receive payments on the second day in February.
What is more, your birthday will play an important role here. If your birth date is from 11-20, you will receive this payment on January 17. If it is before, you got it on January 10.
Those whose birthdays are from the 21st to the 31st must wait one more week to receive payments in their bank accounts. Actually, it will be on Wednesday, January 24 when these seniors get their check.
HOW MUCH CAN RETIREES GET IN THEIR JANUARY CHECKS?
Social Security payments are not the same for all retirees. This is because your retirement benefits depend on your previous work and earnings history. But not only that.
It is of vital importance to know that your payments can be higher or lower depending on when you file. Early filing can reduce your checks by 30%. Late filing can increase it by 24%.
So, the only way to cash 100% of your payments is to file at Full Retirement Age. The average payment for all retired workers is $1,907 in January 2024. The largest check if you file at 70 this year is $4,873. It could be $3,822 if you file at Full Retirement Age in 2024 or $2,710 at 62.
As all Social Security beneficiaries receive 3.2% more per month, they can get about 59 dollars extra in January. The previous average amount was just $1,848 in December 2023. Payments may be much lower if you filed early, did not work for many years, or had a low salary.