According to the Social Security Administration schedule, there are 2 payments left in January. banks will soon begin sending checks averaging $1,907 to eligible beneficiaries.
That's why it's vital to prepare before you get this money. It's time to start budgeting so you don't overspend and stick to what you need.
Rising prices and inflation are making it harder for millions of retirees to make ends meet. That's why the new one payments will bring a COLA increase. In this way, the Social Security Administration ensures that retirees will not continue to lose purchasing power.
WHEN CAN ELIGIBLE SENIORS RECEIVE THE NEXT SOCIAL SECURITY PAYMENTS?
Payments will be on wednesday January 172024 Finally, all eligible seniors will receive a 3.2% increase in their checks thanks to the annual cost-of-living adjustment.
To qualify for one of these payments, you must have filed from May 1997 onwards. Not earlier, because they receive the payments on the second day of February.
Moreover, your birthday will play an important role here. If your date of birth is 11-20, you will get this payment on January 17. If it's before, you received it on January 10th.
Those whose birthdays are between the 21st and 31st must wait an additional week to receive payments in their bank accounts. In fact, it will be Wednesday, January 24th when these seniors will receive their check.
HOW MUCH CAN RETIREES RECEIVE IN THEIR JANUARY CHECKS?
Social security payments are not the same for all pensioners. This is because your pension benefits depend on your previous work and earnings history. But not only that.
It is vital to know that your payments it may be higher or lower depending on when you file. Filing early can reduce your checks by 30%. Late filing can increase it by 24%.
So, the only way to redeem 100% of your payments is to file at full retirement age. The average payment for all retired workers is $1,907 in January 2024. The biggest check if you file at age 70 this year is $4,873. It could be $3,822 if you file at full retirement age in 2024, or $2,710 at age 62.
Since all Social Security recipients receive 3.2% more per month, they could get about $59 extra in January. The previous average was just $1,848 in December 2023. Payments can be much lower if you filed early, haven't worked for many years, or had a low salary.