Fantastic news because new Social security payment arrives today Millions of Americans are waiting for their monthly check and today is the first paycheck. February 2 is the holiday of 2 large groups of pensioners.
Note that all workers must file Social security when they think it's best. While some retirees start receiving money from the administration at age 62, others wait until their benefits stop growing at age 70.
Remember that if you rely on Social security, early retirement can be a big mistake. This is the best way to lose 30% of your monthly payment. Delaying filing until you reach full retirement age means you get 100%, or 24% extra if you do it at age 70.
SOCIAL SECURITY VALUE $4873
In 2024, the biggest benefit is in value 4,873 dollars. FYI, this payment was $4,555 in 2023. So there is a significant difference between last year's amount and this year's amount. But who can get that checking?
To get $4,873, you must have worked in jobs covered by Social security for 35 years. Moreover, you must have earned the taxable maximum for all those years.
Finally, you must have filed at age 70. Therefore, if you meet all these requirements, you will receive a check for $4,873 on February 2, 2024. Social security will reduce this check if you have the most claims but filed at 62 or full retirement age.
For example, if you filed at age 62, the largest check you can receive is up to $2,710. At full retirement age, it is up to $3,822. Most seniors don't qualify for that much money. In fact, the average payments are worth $1,907.
WHO CAN RECEIVE A PAYMENT FROM SSA IN FEBRUARY?
If you have started receiving money from Social security prior to May 1997, your payday was due on February 2nd. Regardless of the amount you receive, today is your payday. To receive the check on February 2nd, you can also be on SSI and retirement benefits at the same time.
So if you got SSI on February 1st and you're on Social security, February 2nd is your payment date. Alternatively, you can receive your payment on February 14th. This payday is for those whose birthday is 1 to 10 and if they did not start receiving benefits before May 1997.
February 21 will be the next payment on Wednesday. It only applies to those pensioners whose birthday is from 11-20. Of course, you can get it if you didn't get benefits before May 1997.
Following the same pattern as the previous 2 payments, you can get a Social Security Check on February 28. This will be your payment day if you filed from May 1997 onwards and your date of birth is between 21-31.