Social security has scheduled the first February payment for February 1st. However, this payment is only for a certain group of Americans. In fact, only if you have a low income and are eligible for Supplemental Security Income can you receive this check in the US.
The positive thing about the SSI check on February 1st is the fact that some retirees are getting it too money. This happens when they are young Social Security Retirement Benefit and they need a supplement.
So, keep in mind that they may add up Social security and additional insurance income at the same time. Of course, it is only possible for pensioners whose incomes are so low that they cannot make ends meet.
WHEN IS THE NEXT SOCIAL SECURITY PAYMENT DUE?
The administration confirmed the following pension payment will be on February 2nd. However, it was supposed to arrive on February 3rd, so this is great news for those who don't have cash in their pockets.
For your information, the Administration never sends checks on Saturdays, Sundays or business days. Since February 3 falls on a weekend, it is not possible to send it on that day.
therefore Social security will ship it the previous business day. This way, there will be no delays as banks and financial institutions are open to process these payments.
To qualify for the February 2 payment, you must have started receiving retirement benefits before May 1997. Those on both Social security and additional insurance income will have February 2 as the payment day. The remaining payments will be due on February 14th, 21st and 28th.
WHO CAN GET $4873 IN FEBRUARY?
Social security revealed the biggest benefit in 2024. In fact, the biggest payment you can get is $4,873, down from $4,555. This payment is only for those who file at age 70 and meet two other requirements.
In addition to delaying retirement so much, you must have worked for at least 35 years. If you don't, your payment drops a lot and your check starts to shrink.
Social security also requires workers to have earned the taxable maximum for 35 years. So if you earned the taxable maximum ($160,200 in 2023) over 35 years and filed at age 70, that $4,873 payment would be yours in February.
The average Social security pension check is worth $1,907, up from $1,848 in 2023. It's up 3.2% after the 2024 COLA increase. However, some retirees receive much less and must apply for SSI.