Pending payment for retirees age 62 or older for retirement benefits in the United States

After Christmas holiday spending there are millions adults aged 62 or older ones looking forward to their next one payment. Fortunately, the new checks for 2024 are almost here.

The Social Security Administration is now preparing to send a new payment worth up to $4,873. The date this check will arrive is January 3rd, 2024. So it won’t be long before you can enjoy it if you qualify.

Despite the fact that this payment will bring a 3.2% raise from Social Security, they’re not the first to cash in on it. In truth, Supplemental Security Income (SSI) recipients were the first to receive 2024 COLA increase on December 29.

PAYMENT WITH 3.2% INCREASE ON JANUARY 3

Starting December 29th, all SSI and Social Security will carry 3.2% extra per month. For example, if you received a payment worth $1,500 in 2023, you will receive $1,548 in 2024.

Retirees can receive a monthly payment if they previously applied for Social Security
Retirees can receive a monthly payment if they previously applied for Social Security

Since not all beneficiaries receive the same amount, let’s pay special attention to the average value payment for 2024. The average retirement check was $1,848 in 2023, so it will be $1,907 starting January 3rd.

Note that the largest Social security payment is $4,873 in 2024 versus $4,555. So there may be older people who get more money than those who receive an average check.

For example, some may have received $2,000 in 2023, so their new amount would be $2,064. Those who received $3,000 in 2023 could receive a payment worth $3,096. Some may get 4128 dollars if they received $4,000 in 2023.

ELIGIBILITY FOR SENIORS AGE 62 OR OLDER

The Social Security Administration divides payments in 2 different groups. Those who received Social Security before May 1997 and those who did not. So the date you file matters.

Do not forget that payments are for applicants only. If you’re 62 but have never filed, you can’t get money from the Social Security Administration even if you qualify.

So the first retirement check will be for those who started receiving benefits before May 1997. If this is your case, you will receive your monthly check on January 3, 2024. Don’t worry because if you are not eligible for this payment and you are on Social securitythere will be three more payments.

January 10, 17 and 24 will be the next payment days. The day you get your money will depend on your date of birth. For example from 1-10, 11-20 or 21-31 respectively. If your Social Security check is too low, you may be eligible for SSI and I click Benefits. They are great ways to get extra financial support each month.

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