While some seniors received a payment on January 3, 2024, others have to wait a little more. Actually, it will be on January 10 when millions of seniors will receive a new retirement check.
In order to get this money, you must have filed first for Social Security retirement benefits. The thing is you must have applied for benefits after or in May 1997. But not before.
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What is more, the Social Security Administration will only send you a payment if you meet the birth date requirement. Depending on when your birthday is, you may receive it on January 10 or not.
WHO IS ELIGIBLE FOR A PAYMENT WORTH $1,907 FROM SSA?
The Administration informs seniors that they qualify for this monthly check on January 10th if their birth date is from 1-10. That is, if you were born during the first ten days of any month.
For your information, those who started receiving Social Security payments before May 1997, do not qualify for any of the three checks left in January. The following date will be January 17.
So, seven days after the January 10 payment, there will be another new check. To receive the Jan. 17 retirement benefit your birthday must be from the 11th to the 20th.
The last payment in January for retirees will be on January 24. Of course, they must also meet the birth date requirement. Make sure your birthday is from the 21st to the 31st to cash the last Social Security check in January.
IS $1,907 THE LARGEST CHECK IN JANUARY FOR RETIREES?
As a matter of fact, $1,907 is not the largest payment possible on January 10, 17, or 24. This is just the average amount for retirees that Social Security has announced for 2024 in their last COLA fact sheet.
What is true is that all beneficiaries will get 3.2% more in 2024. That implies that all Social Security beneficiaries will collect about 50 dollars extra on average. Retirees will get about 59 dollars extra.
The largest Social Security payment will be $4,873 in 2024. However, this larges check is only for those who retired at 70 and earned the taxable maximum for 35 years or more.
At Full Retirement Age, the largest payment possible is $3,822 in 2024. If you opt for filing for Social Security at 62 you can get up to $2,710 if eligible. Apply now for benefits if you are 70. If you are younger, check your Social Security statement to see if it is worth filing or if it is best to wait.