Social Security will continue sending money to eligible beneficiaries in February 2024. The first payment that the Administration has scheduled is not for those collecting retirement checks.
Actually, the first check will be for Supplemental Security Income beneficiaries. It will be on February 1 when SSI recipients receive their money. Social Security will send the next payment just one day later.
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Bear in mind that to get Social Security you must have filed first. If you do not file or you do not get the Administration’s approval, you are not eligible for any payment in February.
WHO IS ELIGIBLE FOR THE SOCIAL SECURITY PAYMENT ON FEBRUARY 2?
The Administration claims that this payment will be for those who started collecting benefits before May 1997. So, if you did not start receiving retirement benefits before May 1997, you do not qualify for this check.
Do not worry because there are three more paydays. The Administration has scheduled payments for February 14, 21 and 28. Thus, you may be eligible for one of these three checks.
To get a check on February 14, you must have your birthday from 1-10. Needless to say, you must have started getting Social Security after or in May 1997. This is the rule for any of the Wednesday payments in February.
In order to receive a Social Security payment on February 21, your birth date must fall between 11 to 20. The last retirement check will be for those whose birthday is from 21-31.
IS $1,907 THE PAYMENT AMOUNT FOR FEBRUARY 2?
$1,907 is the average payment amount Social Security informed Americans of as of December 2023. The average check was $1,848, but it increased after the COLA boost.
Although most seniors got $59 extra per month after COLA, this is just an average figure. Some may have received a lot less since their payments are not so high.
The higher your Social Security retirement benefit is, the better. For example, if you got $1,000 in 2023, your new check is $1,032 in 2024. So, you do not get $59, but $32.
Social Security maximum amounts have increased more than COLA. The largest benefit at 70 was $4,555 in 2023, while it is $4,873 in 2024. At Full Retirement Age, you can get up to $3,822 in 2024, or $2,710 if you file at 62.