In an unprecedented move, the Social Security Administration has declared that beneficiaries across the United States will experience a substantial increase in their retirement checks by 2024, thanks to the cost-of-living adjustment (COLA). This enhancement has been systematically implemented this year, which has resulted in larger and larger checks for beneficiaries.
This tax improvement is especially beneficial to U.S. retirees who rely exclusively on these checks as their primary source of income. The year 2023 has been notable in this regard, with a record COLA of 8.7%, raising the maximum Social Security check from $4,555 to $4,873 per month. As a result, the next retirement payout will reflect an increase of up to $318 compared to the previous year’s December payout.
| Important links |
|---|
| More News |
| PAYMENTS |
| stimulus checks |
| Social Security COLA |
2024 has started with a COLA increase of 3.2%, which has raised the maximum Social Security retirement payout to approximately $4,873. This is a significant jump from $4,555 in 2023.
The additional $318 is specifically for retirees at the maximum benefit level, but all Social Security payments have enjoyed the 3.2% increase. Other benefits, such as Supplemental Security Income, have also seen increases due to the COLA.
January 2024 Social Security Payment Schedule
Social Security Administration payments are spread over several different days. On each of these days, beneficiaries can receive a check. In total, the Administration will send up to 5 different checks in the month of January. Each of these checks is for a different group of retirees.
These are the paydays for the month of January:
- January 1. January’s Supplemental Social Security payment was deposited to beneficiaries on December 29 due to the 1st falling on a holiday.
- January 3. Beneficiaries with a Social Security check prior to 1997 receive this benefit.
- January 10. Payment for post-1997 retirees with a birthday between the 1st and 10th of any month.
- January 17. To obtain this payment it is mandatory to have a birthday between 11-20 and to have a Social Security check after 1997.
- January 24. Last pay of the month. Post-1997 retirees with a birthday between 21 and 31 January receive this day.
With this information you can find out the exact day on which the Administration will send you this January paycheck.
Who can benefit from Social Security?
Social Security is a crucial program that provides financial assistance to different groups of people. First of all, it benefits retirees, who, after years of contributing to the system, receive a pension that helps them maintain a decent standard of living. In addition, people with disabilities that prevent them from working also benefit from these benefits, guaranteeing their subsistence.
Social insurance also extends its support to the spouses and children of beneficiaries, providing them with some financial stability in the event of the death or disability of the main provider. Also, in some cases, the survivors of a deceased worker, such as spouses and children, may receive benefits.
People with low incomes and limited resources may receive assistance through specific Social Security programs. Through these mechanisms, Social Security aims to provide a financial safety net that contributes to the stability and well-being of many citizens.