The United States Social Security benefit schedule marks four different days each month for retirement checks. So just by directly checking which group we belong to, we can find out on which day we will get our payment each month.
This is really easy to follow and with just a little bit of information we will have enough to determine the days of the payment. We will always get the money on one of the four days and whether we get it on one or the other depends on which group of Social Security beneficiaries we belong to.
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Therefore, we must make sure that we belong to a particular group if we want to mark the Social Security collection date on the calendar. And tomorrow, January 3rd, we will have the first of the year’s retirement payments. If you are part of group 1, you will be able to enjoy this payment. If not, you will have to wait a few days until you get the benefit.
Remember that if you do not get the payment on the first day, it does not mean that you will not receive the benefit. Every retiree gets their check on one of these days, so there is nothing to worry about. The important thing is to have your Social Security accepted and also to know which group you are part of.
Who gets the new Social Security payment?
Only the first group of retirees can get this new Social Security payment. This first group is made up of retirees born on any day of the month, but they must have had their check accepted before 1997. That is the only requirement to be able to cash the check on this day.
Apart from that, a recommendation to collect the payment as soon as possible is to have Direct Deposit activated. This will make the check arrive immediately without having to wait a single day to get the money. If we do not have this activated, the payment will arrive in the next few days.
Also keep in mind that if our benefit is after 1997 we will also get the payment in January, but on a different day. The exact day of payment will depend on our birthday. The days for this group will be the 10th, 17th or 24th, so if your Social Security is after that year you could receive the payment on one of these days.
How much will the retirement check be?
Starting in January 2024, the check will come with a COLA increase for all beneficiaries. The final amount will depend on the amount we have collected up to last month. What we get will be the same check with 3.2% added.
So if we had a check for $1,000, for example, we will collect a benefit of $1,032 in 2024, for every month. Whatever amount we collected will have that 3.2% included, so we can easily calculate what our check will be in the year 2024.
As for the increase, the type of Social Security benefit does not affect how much you get. It only influences the check that we previously received. So both disability beneficiaries and other types of beneficiaries can receive the check increase without any problems. Likewise, regardless of the day of collection, we will get the increase.