although Social Security Administration increased benefits by 3.2% in 2024, some have not received their new ones payments more. Regardless of whether you are on SSDI or retirement benefits, your check can arrive the same day.
Getting more money every month will be essential to make ends meet. That's because inflation and rising prices are making it harder for Americans to make ends meet Social security benefits.
Unfortunately, Social security benefits have not increased as much as in 2023. FYI, the previous boost was up to 8.7%. Therefore, there is more than a 5% reduction in the new COLA.
SOCIAL SECURITY AND ELIGIBILITY TO PAY
If you're on pension or disability benefits and haven't received your payments yet, don't worry. There is one more salary left in January. The next one will be on January 24, 2024.
To qualify for Social security payment on January 24 you must meet the birthday requirement. Those pensioners or disabled people receiving benefits from May 1997 onwards and whose birthdays are between the ages of 21 and 31 are eligible.
Those who started receiving retirement or disability benefits before May 1997 will receive their check on February 2, 2024. So you have to wait a little longer for that Social Security payment.
WHO CAN RECEIVE $3,822 ON JANUARY 24TH?
Well, congratulations if you managed to get such a big one Social Security Check. This payment is only for those workers who have had high incomes for many years.
Remember that the more you pay for Social security, the higher your future payment will be. In fact, not everyone is eligible for retirement or disability benefits because you must have earned at least 40 work credits.
40 work credits cover about 10 years of work SSA. This will only get you low monthly payments. But they could be better than nothing. So to get $3,822 in 2024 you need to fulfill 3 conditions.
It is only for workers who have earned the taxable maximum (base of contributions and earnings) for a minimum of 35 years. Then the age you are is also key. Only seniors who file at full retirement age can receive this check. the largest SSDI It is also 3822 dollars. But retirees could receive a payment of up to $4,873 in 2024.