Although most payments are on the same day, there are many exceptions. The Social Security Administration must update payment schedule for each month.
This is because sometimes a payment due to a holiday. In other cases it is due on weekends. As financial institutions or banks may not work on these days, the administration prefers to send money on a working day.
In fact, it will happen on February 3rd. Since it’s Saturday, Social Security has scheduled this payment for those retired before May 1997 for the previous working day.
WHEN WILL PRE-MAY 1997 PENSIONERS RECEIVE THEIR MONTHLY PAYMENT IN FEBRUARY?
The Social Security Administration has set February 2, 2024 as the payday for retirees before May 1997. So if you started receiving retirement benefits before May 1997, February 2nd would be your payday.
The good thing about this payday is that seniors can get theirs money one day before the usual due date. This will come in handy when you have to deal with rising prices.
Besides the elderly on Social Security before May 1997, there is another group that qualifies for payment on this day. In fact, February 2nd will be your pay day if you are on Social Security and Supplemental Security Income (SSI).
Therefore, this second group of seniors will receive their SSI checking on February 1 and their Social Security benefits on February 2, 2024. Let’s look at the average and maximum amounts for retirees.
POSSIBLE AMOUNTS FOR 02.02.2024
The Social Security Administration has announced the maximum amounts for 2024. If you qualify for February 2 paymentyou can get to 4873 dollars. However, this check is only for a small percentage of seniors.
To get such a big one checking you must have worked 35 years, filed at 70 and earned the taxable maximum in all those years. Therefore, it will only be for high earners.
Average payments it will cost approximately $1907. After the 3.2% increase, all retirees could get about $59 extra a month. However, some seniors may receive lower checks.
Keep in mind that your retirement benefits depend on your work and earnings history. If yours payment is too low, you may qualify for SSI. SSI checks can be worth up to $943, or an average of $673 as of November 2023.