The Social Security Administration payment schedule confirms the new paydays for February. There are fantastic news for those seniors who qualify for the first retirement benefit next month.
The good news is that their payment from Social Security is due one day in advance. Therefore, this will be of vital importance if you have already run out of money. Using it to pay debt or a loan could be useful.
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Bear in mind many retirees rely on a shoestring budget and that inflation has affected them a lot. Social Security has scheduled the first check for SSI beneficiaries on February 1.
SOCIAL SECURITY PAYMENT DUE ON FEBRUARY 2
The first retirement check will be due on February 2. To get it, you must be on Supplemental Security Income and on retirement benefits at the same time. But there is another way to be eligible.
For example, if you filed and started receiving benefits before May 1997, you will also qualify for this February 2 payment.
The best about the February 2 payment is the fact that will come one day after SSI checks. So seniors will get two checks in two consecutive days.
The Social Security Administration has confirmed the next retirement benefits for February 14, 21, and 28. So, these seniors will have to wait longer.
WHO WILL RECEIVE $1,907 ON FEBRUARY 2 FROM SSA?
To get a check on the second day of February you must have received Social Security benefits before May 1997 or also get SSI. But this amount is only for those who qualify for an average payment.
Some retirees may get less money if they did not work for 35 years, filed early at 62 or had a low wage all their work history.
Maximum amounts are also possible if you were a high earner for 35 years. These retirees could get up to $2,710 at 62. They could have received a lot more if they had waited for some years.
If they delay retirement, their Social Security payment will grow. It could be up to $3,822 at Full Retirement Age or $4,873 at the age of 70. Early retirement means getting 30% less, and late retirement implies getting 24% extra per month. So, if you have not filed, check your Statement to see possible amounts