retirement checks they’re coming and they’ll be in your pocket soon if they’re eligible. Remember that millions pensioners out of date 62 have not yet received the 2024 COLA increase. However, it won’t be long until many of them could soon collect their money.
It was last October 12, 2023, when the Social Security Administration announced that there would be an increase in payments. Retirement checks will grow by 3.2%.
Even if it wasn’t as big a boost as in 2023, it meant getting more money every month. After such high inflation and price spike, 62 years old and seniors can’t wait any longer to get a bigger payment.
WHO CAN GET COLA BOOST WORTH $59 ON JANUARY 17TH?
If you have not qualified for January 3rd and January 10th retirement checks, you may be entitled to either of 2 payments. Of course, the Social Security Administration will verify that you meet all the requirements.
For example to receive retirement Benefits On January 17 you must have applied for benefits after May 1997 or in the same month. If you filed before May 1997, you will not receive this payment.
Also, you must have a birthday between the 11th and 20th of the month. Pensioners aged 62 or over who have a birthday on these days will be able to get theirs retirement benefits on January 17.
Besides these retirement checks will boost COLA. Although the dollar amount may be different for each retiree, the average payment for retirees is worth $59.
HOW MUCH HAVE PENSION BENEFITS INCREASED FROM DECEMBER 2023?
According to the Social Security Administration, the average payment for December 2023 is $1,848. So if you add $59 extra for COLA boost makes average payment 1907 dollars for January 2024
The thing is, every retiree age 62 or older can get a different amount. The more taxes you pay to the Social Security Administration, the higher yours is retirement benefit may be limited.
Note that the largest Social Security check is $4,873, up from $4,555. But this is only possible if you earned the taxable maximum for at least 35 years and filed at 70 in 2024.
If you do not respond to retirement age requirement, your check will be discounted. For example, if you earned the taxable maximum for 35 years but file at 62, you can only get up to $2,710.
This check may be higher if you file in full retirement Age. This is when you can get 100% of your benefits. The largest check at this stage is worth $3,822 in 2024.