Some people claim that when they are in retirement, they do not know if it is Sunday or Friday. Social Security payments follow a schedule and there are sometimes changes from time to time.
Therefore, it is of vital importance to know when your Social Security is due to stick to your monthly budget. There are 3 groups of retirees who do not qualify for the January 24 payment.
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Mainly, this is because they have already received their check in January. So, will see below the upcoming payments and who is not eligible for the Social Security check on January 24, 2024.
WHO DOES NOT QUALIFY FOR THE JANUARY 24 SOCIAL SECURITY CHECK?
If you started receiving Social Security before May 1997, you will not be eligible for the January 24 check. Those retirees whose birthday is from the 1st to the 20th will not be eligible either. So, who can receive it?
To get these retirement checks on January 24 you must meet two key requirements. Of course, if you have never filed for retirement benefits you will not qualify.
If you began collecting retirement benefits after or in May 1997 and your birthday is from the 21st to the 31st, you qualify for the January 24 check.
This will actually be the last group of retirees to receive the $59 increase. The 2024 COLA boost has made retirement and disability benefits grow by 3.2%. It is 5.5% lower than in 2023, but higher than average.
JANUARY 24 PAYMENT AMOUNTS FOR RETIREES
Imagine you filed at 62 and this was your first payment, the largest amount you could receive would be $2,710. However, this is only for those who earned the taxable maximum for 35 years.
If you are in the same situation, but you filed at Full Retirement Age, you could get up to $3,822 from Social Security. Another possibility would be to get up to $4,873. This is the largest Social Security benefit in 2024.
To get it you must have filed at 70 this year. Just like before, you must have earned the taxable maximum for a minimum of 35 years. The average payment for all workers on Social Security is about $1,907 in 2024.
After the 3.2% COLA boost retirees can get more money per month. The next payment for retirees will be on February 2, but only if you started receiving Social Security before May 1997. February 14, 21 and 28 and the rest of the upcoming payments in the USA.