Retirement checks are coming and they will soon be in your pocket if eligible. Remember that millions of retirees aged 62 have not received the 2024 COLA increase yet. However, it will not take long until many of them can soon collect their money.
It was last October 12, 2023, when the Social Security Administration announced that there would be an increase in payments. Retirement checks would go up by 3.2%.
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Even if it was not such a high boost as in 2023, it meant getting more money every month. After such high inflation and soaring prices, 62-year-olds and older cannot wait any longer to receive a larger payment.
WHO CAN RECEIVE A COLA BOOST WORTH $59 ON JANUARY 17?
If you did not qualify for the January 3 and January 10 retirement checks, you may be eligible for any of the 2 payments. Of course, the Social Security Administration will check you meet all the requirements.
For example, to receive retirement benefits on January 17 you must have filed for benefits after May 1997 or in that same month. If you filed before May 1997, you will not get this payment.
Apart from that, you must have your birthday from the 11th of the month to the 20th. Retirees aged 62 or older who have their birthday on these days will be able to receive their retirement benefits on January 17.
Besides, these retirement checks will bring the COLA boost. Although the amount of dollars may be different for every single retiree, the average payment for retirees is worth 59 dollars.
HOW MUCH HAVE RETIREMENT BENEFITS INCREASED FROM DECEMBER 2023?
According to the Social Security Administration, the average payment for December 2023 was $1,848. So, if you add the 59 dollars extra for the COLA boost it makes an average payment worth $1,907 for January 2024.
The thing is every retiree aged 62 or older can get a different amount. The more taxes you pay to the Social Security Administration, the higher your retirement benefit can be up to a limit.
Bear in mind that the largest Social Security check is $4,873, up from $4,555. But this is only possible if you earned the taxable maximum for at least 35 years and filed at 70 in 2024.
If you do not meet the retirement age requirement, your check will be reduced. For example, if you have earned the taxable maximum for 35 years but you file at 62, you can only get up to $2,710.
This check can be higher if you file at Full Retirement Age. That is the moment when you can get 100% of your benefits. The largest check at this stage is worth $3,822 in 2024.