The Social Security Administration has scheduled three more payments in February. Retirees will collect a new check if they have not received benefits before May 1997.
If you started collecting Social Security before May 1997, your payment was due on February 2. One day before the usual February payday because SSA never sends money on a holiday.
To get a payment in February, the Social Security Administration will pay close attention to your birthday. The earlier in the month your birthday is, the sooner you will receive your payment in your bank account.
POSSIBLE PAYDAYS FOR RETIREES IN THE USA IN FEBRUARY
The following payday will be on February 14. If you qualified for the January 10 check, you will receive this retirement check too if still eligible. This is because your birthday is from the 1st day of the month to the 10th.
If your birth date is from 11-20, your Social Security benefit will be then due on February 21. It is true that some beneficiaries will have to wait one more week to receive their money.
If your birthday is from the 21st to the 31st, your payment will be due on February 28. As a matter of fact, some beneficiaries will have to wait for their checks more than 25 days after the February 2 payment.
So, it is always best to plan your budget in advance and get ready for unexpected expenses. After the 2024 COLA boost, payments are $59 higher for retirees. If you think this boost is too little money, save it for 12 months. In just one year, you could achieve a fantastic emergency fund.
HOW MUCH CAN I GET IN MY FEBRUARY RETIREMENT CHECK FROM SOCIAL SECURITY?
If you qualify for the largest Social Security payment at 62, you can get up to $2,710. However, you may get reductions if you have not been a high earner and your monthly payment may not be so high.
Working for less than 35 years can also reduce your Social Security benefits. If you file at Full Retirement Age in 2024, you can get up to $3,822. Once more, you must have earned the taxable maximum for 35 years.
The taxable maximum is currently $168,600, up from $160,200 in 2023. The largest check you can get in 2024 from Social Security is worth $4,873. But the reality is far from this maximum amount.
The average payment was $1,848 in 2023 and it is $1,907 in 2024. Some retirees get a lot less because they have not paid enough taxes to get a higher payment. In most cases, they need a Supplemental Security Income check worth up to $943.