The first payment the Social Security Administration has scheduled will be due on February 1. One day after, there will be a different check. So, February 2 will be the day when millions of retirees will get their money.
The thing is some beneficiaries may qualify for the February 1 and February 2 check. So, they can receive money from both payments Social Security has scheduled first. Maximum amounts will be different though.
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This is because February 1 is payday for Americans on Supplemental Security Income. While the February 2 payment will be for those who are on Social Security. So, millions will receive their retirement and SSI checks.
WHO IS ELIGIBLE FOR THE FEBRUARY 1-2 PAYDAYS?
If you are on Supplemental Security Income (SSI), you will receive your check on February 1. Regardless of your age, the date you filed, or the amount of your SSI check.
Therefore, there is just a single payday for over five million Americans on SSI. Unlike Social Security payments which usually have 4 different payments per month. It is true that the number of beneficiaries is lower for SSI.
That is why there are 4 options when it comes to Social Security payments. Do not forget that SSI is not funded by SSA. However, SSA schedules these payments too.
To get the February 2 payment, you must have filed for Social Security before May 1997. So, if you started collecting payments before May 1997, you qualify for this check in the United States.
HOW MUCH MONEY COULD BENEFICIARIES RECEIVE FROM SSI AND SOCIAL SECURITY THIS WEEK?
If you qualify for SSI on February 1, 2024, you could get up to $943. This is the largest Supplemental Security Income amount in 2024. Bear in mind that from December 29, SSI benefits have increased 3.2%.
$943 is only for those who get the full amount and have no reduction. Average payments for individuals are just $674. Essential persons may just get up to $472, up from $458 in 2023.
Married couples could get up to $1,415 on February 1 from SSI. Of course, both of them must be eligible for SSI. Then, Social Security will pay up to $4,873 for retirement benefits, up from $4,555 in 2023.
This check is only for those who earned the taxable maximum for 35 years and filed at the age of 70. The average Social Security retirement benefit for 2024 is just $1,907, up from $1,848. If you are on disability benefits you can get an average SSDI of about $1,537. Feb. 2 is the same payday for retirement and SSDI.