Some people claim that when they are in retirementthey don't know if it's sunday or friday. Social security payments follow a schedule and sometimes there are changes from time to time.
That's why it's vital to know when your Social security depends on your monthly budget. There are 3 groups of pensioners who are not eligible for payment on 24 January.
Mainly this is because they already received their check in January. So below you will see the upcoming payments and who is not eligible for Social Security Check on January 24, 2024
WHO IS NOT RESPONSIBLE FOR THE SOCIAL SECURITY CHECK ON JANUARY 24?
If you have started receiving Social security before May 1997, you will not be eligible for verification from January 24th. Those pensioners whose birthday is from the 1st to the 20th will not participate either. So who can get it?
To receive those retirement checks on January 24th, you must meet two basic requirements. Sure, if you've never filed retirement benefits you will not qualify.
If you started collecting pension benefits after or in May 1997 and your birthday is between the 21st and 31st, you are eligible for a check from 24 January.
This will actually be the last group of retirees to receive the $59 increase. The 2024 COLA increase resulted in a 3.2% increase in retirement and disability benefits. It is 5.5% lower than 2023, but higher than the average.
JANUARY 24 AMOUNTS TO BE PAYED FOR PENSIONERS
Imagine you filed at age 62 and this is your first payment, the most you could get would be $2,710. However, this is only for those who have earned the taxable maximum over 35 years.
If you're in the same situation but filed at full retirement age, you could get up to $3,822 from Social Security. Another option is to get up to $4,873. This is the largest Social Security in 2024.
To get it, you must have filed at 70 this year. As before, you must have earned the taxable maximum over a minimum of 35 years. The average wage for all workers on Social security is about $1,907 in 2024.
After a 3.2% COLA increase, retirees could get more money per month. The next payment for pensioners will be on February 2, but only if you have started receiving Social security prior to May 1997 February 14, 21, and 28 and the remaining U.S. dues.