As we move into the second month of the year, Social Security beneficiaries in the United States are looking to find out the dates of payments that will alleviate their financial situations.
It is important to note that as of January 1, 2024, all Social Security payments experienced a notable increase, thanks to a cost-of-living increase that reached 3.2%.
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The Cost of Living Adjustment (COLA) ensures that the purchasing power of Social Security benefits keeps pace with inflation. This adjustment is calculated using the percentage increase in the Consumer Price Index for Wage Earners and Urban Employees (CPI-A) from the third quarter of last year to the third quarter of this year.
According to the Social Security Administration (SSA), average payments for all retired workers will increase from $1,848 to approximately $1,907.
When will Social Security payments be made in February 2024?
After learning of the increase we will get from Social Security in February, we provide the details of the payments corresponding to this month, which, being a leap year, concludes on the 29th.
- The first Social Security payment for pre-1997 retirees will be February 2.
- For those born from the 1st to the 10th of any month, the first Social Security payment will be made on February 14.
- February 21 will correspond to those born from the 11th to the 20th of any month.
- Finally, February 28 will be the payment date for those who celebrate their birthday from the 21st to the 31st of any month.
It is important to note that payments may experience delays of up to 3 days. If this is your case, we recommend that you verify all documentation at any of the Social Security offices.