After the Christmas holiday expenses, there are millions of seniors aged 62 or older looking forward to their next payment. Thankfully, the new checks for 2024 are almost here.
The Social Security Administration is already preparing to send a new payment worth up to $4,873. The date this check will arrive will be January 3, 2024. So, it will not take long before you can enjoy it if eligible.
Despite the fact that this payment will bring a 3.2% increase from Social Security, they are not the first to cash it. As a matter of fact, Supplemental Security Income (SSI) beneficiaries were the first to receive the 2024 COLA boost on December 29.
PAYMENT WITH 3.2% BOOST ON JANUARY 3
From December 29, all SSI and Social Security benefits will bring a 3.2% extra per month. For example, if you received a payment worth $1,500 in 2023, you will get $1,548 in 2024.
Since not all beneficiaries get the same amount, let us pay close attention to the average payment for 2024. The average retirement check was $1,848 in 2023, so it will be $1,907 from January 3 onward.
Bear in mind that the largest Social Security payment is $4,873 in 2024, up from $4,555. So, there could be seniors who receive more money than those who get an average check.
For example, some may have gotten $2,000 in 2023, so their new amount will be $2,064. Those who got $3,000 in 2023 may receive a payment worth $3,096. Some may get $4,128 if they received $4,000 in 2023.
ELIGIBILITY FOR SENIORS AGED 62 OR OLDER
The Social Security Administration divides payments into 2 different groups. Those who got Social Security benefits before May 1997 and those who didn’t. So, the date you filed matters.
Remember that payments are only for those who applied. If you are 62 but you have never filed, you cannot receive money from the Social Security Administration even if you qualify.
So, the first retirement check will be for those who started receiving benefits before May 1997. If that is your case, you will get your monthly check on January 3, 2024. Do not worry because if you do not qualify for this payment and you are on Social Security, there will be three more payments.
January 10, 17 and 24 will be the next paydays. The day you collect your money will depend on your birth date. For example, from 1-10, 11-20, or 21-31 respectively. If your Social Security check is too low you may qualify for SSI and SNAP benefits. They are great ways to get additional financial support every month.