New payment due on January 24th. There are millions of seniors who have already received their retirement checks. However, there is still one group of pensioners who have not taken home money more.
Therefore, these elderly people did not enjoy the new COLA increase. Getting 3.2% extra per month will definitely come in handy for those on a tight budget.
Although the next Social security payment is for seniors 62 and older, not all recipients are eligible for the same amount. There is a group of seniors aged 70 who may be eligible for a check up to 4873 dollars.
DATE OF PAYMENT AND ELIGIBILITY
The next Social Security check will arrive on January 24th. This will be the last retirement benefit this month. To receive the $4,873, you must meet three conditions. Of course, this payment is only for those who started receiving Social Security from May 1997 onwards.
In addition, you must have worked for 35 years. If you have not worked that particular number of years, it can reduce checking significantly. You must also have filed at age 70 in 2024.
The final requirement is that you have earned the taxable maximum for 35 years. Remember that the taxable maximum is a really high amount for most workers. it is $168,600 in 2024 versus $160,200 in 2023.
So if you earned the taxable maximum for 35 years and filed at 70, you'd get $4,873 on January 24th. The average payment will be $1,907. Thus, if you do not meet all the requirements, your amount may be similar to this.
CHECKS ARRIVE AFTER JANUARY 24TH
If you are on Social Security, but your payment not the one on January 24th, you'll get your next check in February. February 1 will be your payment day if you qualify for Supplemental Security Income.
If you receive both SSI and Social Security, your retirement or SSDI payment will be due on February 2nd. Another way to get Social Security on February 2nd is if you started collecting checks before May 1997.
The next one payments will arrive on the second, third and fourth Wednesday of February. So the dates will be February 14th, 21st and 28th. Remember, if you haven't filed for benefits yet, you have to delay retirement to get up to 24% extra.
If you have already submitted yours Benefits are too low, take advantage of other benefits. For example, you may be eligible for SSI and for I click Benefits. They could be of great help in times of financial difficulty.