Although most payments are on the same day, there are many exceptions. The Social Security Administration needs to update the payment schedule for every single month.
This is because sometimes a payment is due on a holiday. On other occasions, it is due on weekends. As financial institutions or banks may not work on those days, the Administration prefers to send the money on a business day.
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Actually, this is what will happen on February 3. As it is a Saturday, Social Security has scheduled this payment for those in retirement before May 1997 for the previous business day.
WHEN WILL RETIREES BEFORE MAY 1997 RECEIVE THEIR MONTHLY PAYMENT IN FEBRUARY?
The Social Security Administration has set February 2, 2024, as the payday for retirees before May 1997. So, if you started receiving retirement benefits before May 1997, February 2 will be your payday.
The good thing about this payday is that seniors can receive their money one day before the usual due date. This will be of great help after having to put up with soaring prices.
Apart from seniors on Social Security before May 1997, there is another group that qualifies for the payment on this day. As a matter of fact, February 2 will be your payday if you are on Social Security and Supplemental Security Income (SSI).
Therefore, this second group of seniors will receive their SSI check on February 1 and their Social Security on February 2, 2024. Let’s have a look at the average and maximum amounts for retirees.
POSSIBLE AMOUNTS FOR FEBRUARY 2, 2024
The Social Security Administration has announced the maximum amounts for 2024. If you qualify for the February 2 payment, you can get up to $4,873. However, this check is only for a small percentage of seniors.
To get such a large check you must have worked for 35 years, filed at 70, and earned the taxable maximum all those years. Hence, this will only be for high earners.
Average payments will be worth $1,907 approximately. After the 3.2% boost, all retirees can receive about 59 dollars extra per month. Still, some seniors may get lower checks.
Bear in mind that your retirement benefits depend on your work and earnings history. If your payment is too low, you may qualify for SSI. SSI checks can be worth up to $943, or $673 on average as of November 2023.