The beginning of the year comes with good news as the COLA increase, 3.2% over last year, will reach the pockets of all U.S. retirees and disability beneficiaries.
Since the increase was announced in October, Social Security beneficiaries have been doing the math to find out how much they will receive. The maximum pension will be increased by $318. A good economic resource to face the cost of living increase in 2023.
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To know well how the distribution of Social Security payments is made, we must take into account our date of birth, although the year does not matter.
Retirees who retired before 1997 have already received their checks. By default, these retirees are always paid on the same day, the 3rd of each month.
This is not the same for retirees after 1997.
When does a retiree or Social Security disability beneficiary get paid in January?
Below is the Social Security payment schedule for January:
- Born January 1-10: January 10, 2024.
- Born 11 – 20: January 17, 2024
- Born 20 – 31: January 24, 2024
Depending on how you chose to receive your payment, it will be paid the same day or three days later. If you detect that you do not receive your pension after these days, do not hesitate to contact Social Security.
How much can retirees get in their January checks?
Social Security payments are not the same for all retirees. This is because your retirement benefits depend on your previous work and earnings history. But not only that.
It is of vital importance to know that your payments can be higher or lower depending on when you file. Early filing can reduce your checks by 30%. Late filing can increase it by 24%.
So, the only way to cash 100% of your payments is to file at Full Retirement Age. The average payment for all retired workers is $1,907 in January 2024. The largest check if you file at 70 this year is $4,873. It could be $3,822 if you file at Full Retirement Age in 2024 or $2,710 at 62.
As all Social Security beneficiaries receive 3.2% more per month, they can get about 59 dollars extra in January. The previous average amount was just $1,848 in December 2023. Payments may be much lower if you filed early, did not work for many years, or had a low salary.