The Social Security Administration (SSA) will soon start sending new checks in 2024. What is more, these new payments will have the 2024 COLA increase, which is great for millions of beneficiaries.
Although the first Americans to get the COLA boost are those on Supplemental Security Income (SSI), the first retirees to receive a 3.2% will be those who qualify for the Social Security check on January 3, 2024.
Not all seniors will be eligible for the January 3 payment. In fact, this Social Security retirement benefit is just for two groups of seniors. The maximum amounts will be the same for all retirees getting checks in January.
SOCIAL SECURITY CONFIRMS ELIGIBILITY FOR THE JANUARY 3 PAYMENT
This new payment could be yours if you started receiving Social Security before May 1997. But this will not be the only group of seniors who may qualify for a check on January 3, 2024.
If you receive both retirement and Supplemental Security Income (SSI), January 3 will also be your paycheck. That’s why these seniors just received their SSI check on December 29 and will receive their pension within 5 days.
Seniors who started receiving their pension in May 1997 or later will have three possible payments. Their Social Security benefits may arrive on January 10, 17 or 24.
It’s very important to know when your Social Security will be in your pocket. Especially if you’re on a tight budget and struggling to make ends meet due to high inflation and skyrocketing prices.
NEW AMOUNTS ON JANUARY 3, 2024
After the 2024 COLA jump, benefits will be 3.2% higher. Consequently, the new amount will depend on the payment you received last December. For instance, if you got $1,848 in 2023, your new payment will be $1,907 in 2024. This will be a boost of nearly 60 dollars extra per month, which is great.
That is the average payment for retirees on Social Security benefits. Some seniors may just receive $1,000, so their checks will be $1,032. If you get $2,000, your new check will be worth $2,064.
The Social Security Administration has set the new maximum amounts for 2024. If you file at the age of 70 and have earned the taxable maximum for 35 years, you can get $4,873 in 2024.
At the age of 62 there will be a 30% reduction. So it is something to avoid like the plague if you have not gotten enough savings or investments. The maximum check at 62 is $2,710 and $3,822 at Full Retirement Age in 2024. Apply for retirement benefits and get money every month if eligible.