The Social Security Administration (SSA) has revealed the date for the last payday in January. It will be on January 24 and there are many possible payment amounts.
Remember that only those who filed for Social Security can receive these benefits. While some Americans get benefits on their record, others receive them on their spouses’ records. If you filed and started collecting checks before May 1997, this payment is not for you.
As a matter of fact, this will be the last group of Social Security beneficiaries to enjoy the 2024 COLA boost. Getting a 3.2% will be necessary for those who cannot make ends meet.
WHO QUALIFIES FOR A SOCIAL SECURITY CHECK WORTH $912 ON JANUARY 24, 2024?
Bear in mind that the average Social Security retirement benefit for workers is $1,907 in 2024. It is up from $1,848 in 2023, which is about 59 dollars extra per month. So who can get 912 dollars?
According to Social Security’s latest monthly statistical snapshot, spouses of retired workers can get an average payment worth $912.03. Therefore, if you are a spouse of a retired worker, you may qualify.
The key requirement is your birth date. If the beneficiary was born between 21-31, you are eligible for this Social Security payment in the United States. Of course, you must have filed and got the approval from May 1997 onward as it was stated above.
But there is another group of beneficiaries who can get benefits on this payday too. Children of retired workers may also get some money from the Administration. The average payment for children of retired workers is $890 as of December 2023.
BENEFITS FOR SPOUSES AND REQUIREMENTS
The moment when your spouse files for Social Security retirement benefits, you may also be eligible for monthly checks. Of course, you may qualify because SSA bases this benefit for spouses on the worker’s earnings.
Forget about benefits for spouses if you are not 62 years old yet. This is also the age when a worker can start receiving retirement benefits. However, early filing means getting less money per month.
If you rely on Social Security to make ends meet, you should delay retirement until you are 70. Once you reach Full Retirement Age (67 if born in the 1960s), you can get 100% of your benefits.
Waiting until you are 70 can give you 24% extra monthly. Having a qualifying child may also allow you to have access to benefits for spouses. This child must be under the age of 16 and receive Social Security Disability Benefits.
