Millions of Americans have finished their Christmas shopping and need some cash and a new one payment. The Social Security Administration sends new checks for a certain group of pensioners.
Undoubtedly this money it will be a breath of fresh air, but not all American retirees are eligible for this great payment. The thing is, most adults have already received their checks in December.
Therefore, they will have to wait until January to redeem a new one payment. But December 27th will be your payment day if you meet the following requirements. Social security claim this check as yours if you received benefits after May 1997 and your date of birth matches that payday.
AMERICANS ELIGIBLE FOR SOCIAL SECURITY ON DECEMBER 27
Unless you have previously filed, your birthday must be between the 21st and 31st of each month. This means if your birthday is before the 21st, you won’t redeem this Social security payment on December 27.
Administration will ensure that only eligible recipients redeem it. Remember that if you receive Social Security Disability Benefits (SSDI), your payment will also arrive on the same day.
Of course, you must also meet the date of birth and date of submission condition. Remember that those who submitted and began to receive Social security checks prior to May 1997 are cashed first.
Therefore, they will be the first Americans to redeem their monthly budget payments in January 2024. As a matter of fact, Social security confirmed that the next payment with the 2024 COLA increase due on January 3rd. Then there will be further inspections on January 10, 17 and 24.
CHECK THE AMOUNTS FOR DECEMBER 27
The maximum amount for December 27 payment it will be for retirees who have been high earners for at least 35 years and filed at 70. If you can do all that, you can get up to 4555 on December 27th.
Those who filed at full retirement age in 2023 could receive up to $3,627. However, filing 62 early can be a waste of money. This will mean getting a 30% discount.
In fact, you can get up to $2,572 if you file at 62. Comparing that to the largest payment at 70 you say goodbye to thousands of dollars in just one year.
As for the average payments, it will be $1,848 in 2023. After the COLA increase, it will be $1,907 next year. SSDI recipients can receive average checks worth about $1,489. It will become $1,537 in 2024. Social security will send the new COLA on December 29th and SSI recipients will receive it first.