Fantastic news because a new Social Security payment is arriving today. Millions of Americans are waiting for their monthly check and today is the first payday. February 2 is the payday of 2 big groups of retirees.
Bear in mind that all workers must file for Social Security when they think it is best. While some retirees start receiving money from the Administration at 62, others wait until their benefits stop growing, at the age of 70.
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Do not forget that if you rely on Social Security, early retirement could be a big mistake. This is the best way to lose 30% of your monthly payment. Delaying filing until you reach Full Retirement Age means getting 100%, or 24% extra if you do so at 70.
SOCIAL SECURITY PAYMENT WORTH $4,873
In 2024, the largest benefit is worth $4,873. For your information, this payment was $4,555 in 2023. So there is a considerable difference between last year’s amount and this year’s. But who can receive this check?
To get $4,873 you must have worked in jobs covered by Social Security for 35 years. What is more, you must have earned the taxable maximum for all those years.
Finally, you must have filed at the age of 70. Therefore, if you meet all these requirements, you will receive a check worth $4,873 on February 2, 2024. Social Security will reduce that check if you most requirements but you filed at 62 or at Full Retirement Age.
For example, if you filed at 62, the largest check you could get is up to $2,710. At Full Retirement Age, it is up to $3,822. Most seniors do not qualify for so much money. In fact, average payments are worth $1,907.
WHO CAN RECEIVE A PAYMENT FROM SSA IN FEBRUARY?
If you started receiving money from Social Security before May 1997, your payday is due on February 2. Regardless of the amount you get, today is your payday. To get the check on February 2 you could also be on SSI and retirement benefits at the same time.
So, if you got SSI on February 1 and you are on Social Security, February 2 is your payment date. Another possibility is to get your payment on February 14. This payday is for those whose birthday is from 1-10 and if they did not start receiving benefits before May 1997.
February 21 will be the next Wednesday payment. It is only for those retirees whose birthday is from 11-20. Of course, you can get it if you did not receive benefits before May 1997.
Following the same pattern as the 2 previous payments you could get a Social Security check on February 28. This will be your payday if you filed from May 1997 onward and your birth date is from 21-31.