Payments are about to be sent and millions of retirees are looking forward to having their money in their bank accounts. Great news for this group of retirees who qualify for a new check on January 24, 2024.
In this case, this payment is for some retirees who are receiving Social Security benefits. If you have not applied for retirement benefits, you do not qualify for this check. Apply now if you are at least 62 years old.
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As a matter of fact, only some retirees who have filed after or in May 1997 may receive this payment. If you filed before May 1997, your next check will be due on February 2.
ELIGIBILITY FOR THE NEARLY 60 DOLLARS EXTRA ON THE JANUARY 24 PAYMENT
To get the January 24 payment, you must have your birthday from the 21-31. That is you must have filed for benefits after May 1997 and have your birth date on one of the last 11 days of the month.
But who can receive 59 dollars extra? This extra money will depend on your payment amount. As a matter of fact, some retirees may qualify for a larger increase while others may get a lot less.
For example, if you received an average payment worth $1,848 as of December 2023, you will get 59 dollars extra in January. Then, your new average check will be $1,907 in 2024.
There are 3 groups of seniors who may have received this payment increase this month. Paydays were on January 3, 10, and 17.
WHICH INCREASE CAN I GET ON JANUARY 24 IF I GET A DIFFERENT RETIREMENT BENEFIT AMOUNT?
What you need to do is to calculate a 3.2% extra per month. For instance, if you received $2,000 in December 2023, you could get $2,064 on January 24. If you received half that amount, your new check would increase by 32 dollars only.
So, if you got $1,000 in December, you will receive $1,032. Some seniors may have received $3,000. In their case, they will get $3,096. Bear in mind that the higher your payment, the higher the 3.2% increase will be.
Even if it is the same percentage for everyone, you will collect more money. For example, a retiree collecting $4,000 in 2023 can get $4,128 in 2024. This senior gets $128 extra per month.
On the contrary, if you just got $1,000 in December 2023, you may get up to $32 extra per month. That is why it is of vital importance to plan your retirement in advance. The earlier you file, the lower your payment will be.