January 24 was the last day on which Social security issued a checking for this month. So it's time to start organizing your finances. If you received your last payment on January 3, you may be entitled to your next payment on February 2. 2024.
There will be another checking before February 2nd. In fact, this is the Supplemental Security Income benefit. It will be due on the first day of the following month. It is true that some recipients may receive retirement and SSI at the same time.
Therefore, part of the beneficiaries will receive money on both February 1 and February 2. This will be perfect because you can get everything money you're expecting around the same time. So you can start paying your monthly expenses faster.
ELIGIBLE PENSIONERS FOR FEB. 2 CHECK
Note that to qualify for Feb. 2 checkingyou must have started collecting Social Security before May 1997. This is how the administration distributes payments.
However, there is another group of pensioners who also receive the payment from February 2. The thing is, it's for a different reason. If you receive Supplemental Security Income and Social Security at the same time, you will also receive your payment on 2 February 2024.
The remaining pensioners will receive monthly checking depending on when their date of birth is. For example, if your birthday is at the beginning of the month, you will receive your payment earlier than others.
Well, except for February 2nd check, there will be three more payments on February 14, 21 and 28. Your payment amounts will depend on your personal history.
AVERAGE PAYMENT ON FEBRUARY 2
Retirees will receive an average payment of $1,907 on the second day of February. However, your checking may be lower or higher as it depends on your previous earnings, work history and filing age.
The maximum amount you could receive on February 2 would be $4,873 at age 70. If you get $3,822 it's because you filed at full retirement age, worked 35 years, and earned the taxable maximum in all those years.
Remember that after January 24, everyone checks will continue to include the COLA for 2024. Getting 3.2% doesn't seem like enough for many retirees, but it's much higher than in most years.
Remember if you file at 62 you get a checking reduction of about 30% per month. That's why the biggest checking at 62 it could be $2,710 and $4,873 at age 70.