Receiving 4873 dollars retirement is what millions of Americans dream of. So big payment is possible in 2023. This is because benefits have increased since the cost of living adjustment.
However, not many seniors will get that much money in February checks. That's because their incomes weren't high, they probably filed early at age 62, and they may not have worked many years in a job covered by Social Security. So, yours payment may be lower.
Remember, it's possible to get more income in retirement. Work for at least 35 years and look for a better paying salary. These two simple steps can help you greatly increase your benefits. If you work until age 70, you'll get a 24% Social Security bonus.
AMOUNTS TO PAY FOR 02.02.2024
The largest amount for pensioners on February 2 will be 4873 dollars. If you filed at full retirement age, the largest check you can receive is 3822 dollars in 2024. If you filed at 62, the maximum benefit amount is 2710 dollars.
Expect smaller checks, though, because you have to have earned the taxable maximum over 35 years to get that much money. What's more, you may not get this February 2nd payment if you started receiving Social Security on or after May 1997.
Hence this payment is only for those who received benefits before May 1997. Average checks can give retirees about $1,907. Thanks to the 2024 COLA increase, benefits average $50 more per month for all Social Security beneficiaries.
Retirement benefits increased a bit more. They have increased by $59, so they are getting a little more than the other beneficiaries. For example, SSDI recipients just received an average of $44 extra.
SOME PENSIONERS MAY RECEIVE ANOTHER CHECK ON FEBRUARY 1
If you do not qualify for either the average check or the maximum benefit amount, you may qualify for SSI. SSI is Supplemental Security Income. Gives extra money to those on low incomes.
SSI payments it can cost up to $943. For example, if you receive less than $963 in retirement benefits and have no savings, you may receive SSI payment. On average, SSI can give you about $674 per month.
Because many elderly people can get SSI and retirement benefits at the same time, they can receive their first check on February 1st and the second on February 2nd. For your info, payment on February 2 could be for those on benefits before May 1997, but also for those also receiving SSI.
Retirees with low incomes and few assets can apply for SSI. SNAP benefits can also be a great way to supplement their monthly income. Inflation makes it harder to make ends meet, so take advantage of every possible advantage.