January is just around the corner. Payments will be essential since American retirees have spent quite a lot of money on Christmas. Social Security checks will be like a breath of fresh air.
While the last two checks for retirees and SSI in 2023 have not arrived yet, some have collected their Social Security benefits and are looking forward to their January payments.
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As a matter of fact, there will be 4 different checks in January for retirees. However, there will be a group of seniors who will collect their Social Security payments before the rest of the beneficiaries.
FIRST SOCIAL SECURITY PAYMENTS IN JANUARY
The Administration has confirmed that the first retirement benefits will arrive on January 3, 2024. However, only those on retirement checks before May 1997 can collect these checks. The amounts will be different for most seniors though.
Thanks to the Cost of Living Adjustment, there will be a 3.2% increase. Therefore, the average payment will be $1,907, up from $1,848. Although on average Social Security recipients will get $50 extra, retirees will get $59 extra per month.
As their benefits are higher than those on SSDI or SSI, they will end up receiving more dollars per month than other beneficiaries. SSA has also increased the maximum amounts for those on retirement benefits.
The largest payment for those on retirement benefits will be $4,873, up from $4,555. Social Security has also informed beneficiaries of the maximum amounts at Full Retirement Age in 2024, and they will be $3,822, or $2,710 at 62, the earliest age Americans can file.
OTHER PAYMENT DATES FOR JANUARY 2024
If you did not qualify for the January 3 retirement payment, there will be three more checks in January. They will be for those beneficiaries who have not received benefits before May 1997.
Apart from that, the day you were born also matters. For example, if your birthday is the 5th, your payment will be ready on January 10, 2024. If it is on the 12th on January 17 and if it is on the 23rd, on January 24.
This is because your birthday meets the requirements. Those whose birth date is from 1-10 will get their Social Security on January 10. If it is from 11-20, it will be on January 17.
The last retirees to collect their Social Security payments will be those whose birthday is from the 21-31. The maximum and average amounts will be the same as those who get benefits on January 3, $4,873 (maximum) and $1,907 (average). If you are 62, you can apply for benefits now.