The Social Security Administration (SSA) will soon begin sending new checks in 2024. What’s more, these new payments will have 2024 A COLA increase that is great for millions of beneficiaries.
Although the first Americans to receive a COLA increase are those on Supplemental Security Income (SSI), the first retirees to receive the 3.2% increase will be those who qualify for Social Security Check on January 3, 2024
Not all seniors will be eligible for the payment from January 3. Actually this Social Security Retirement Benefit is only for two groups of seniors. The maximum amounts will be the same for all retirees receiving checks in January.
SOCIAL SECURITY CONFIRMED ELIGIBILITY FOR PAYMENT AS OF JANUARY 3
This new payment can be yours if you start receiving Social security before May 1997. But that won’t be the only group of seniors who could qualify for verification on January 3, 2024.
If you receive both a pension and SSI (supplementary insurance income), January 3rd will also be your payment day. Therefore, these seniors just received their SSI check on December 29th and will receive retirement benefits in 5 days.
Retirees who began receiving pension benefits in or after May 1997 will have three possible payment days. Theirs Social security benefits may arrive on January 10th, 17th or 24th.
Knowing when your Social security it will be in your pocket. Especially if you are on a tight budget and struggling to make ends meet due to high inflation and skyrocketing prices.
NEW AMOUNTS ON 3 JANUARY 2024
After the COLA jump in 2024, benefits will be 3.2% higher. Therefore, the new amount will depend on payment you received last December. For example, if you received $1,848 in 2023, your new payment would be 1907 dollars in 2024. That would be a boost of nearly $60 extra per month, which is great.
This is the average salary for pensioners Social security benefits. Some seniors may only receive $1,000, so their checks will be $1,032. If you receive $2,000, your new check will be worth $2,064.
The Social Security Administration set the new maximum amounts for 2024. If you file at age 70 and have earned the taxable maximum for 35 years, you could receive $4,873 in 2024.
At the age of 62 there will be a 30% reduction. So it’s something you should avoid like the plague if you haven’t got enough savings or investments. The maximum check at 62 is $2,710 and $3,822 at full retirement age in 2024. Apply for retirement benefits and get money every month if eligible.