The Social Security Administration revealed that there are 4 payments left in December. However, only three of them will be for pensioners. The last one payment in December will bring the new COLA increase, and it will be for those on Supplemental Security Income.
None of the pensioners will receive 2024 COLA boost in december from Social security. So they’ll just get their usual amount with the COLA jump for 2023. It’s true that some retirees also get SSI at the same time, so they could get up to $943 on December 29th.
They can get up to $29 extra on their December 29th SSI checking. The remaining payments will be on December 13th, December 20th and December 27th. But who is eligible for these checks? In fact, this is only for those who started receiving pension benefits after or in May 1997.
WHO WILL NOT RECEIVE SOCIAL SECURITY UNTIL JANUARY 2024?
If you are on Social security pension benefits, you won’t get your next payment until January. Your actual payment date will be January 3rd, so there will be no changes to your payment day. However, there will be an important change.
The most important change that will benefit pensioners will be CAR push. The first pensioners to receive it from the Administration will be this group. Those with benefits before May 1997.
Their new average Social security payment at retirement it will be worth it 1907 dollars, compared to $1,848 in 2023. Therefore, this means that beneficiaries will collect $59 more each month. It will undoubtedly come in handy as prices are too high and inflation has drained the savings of millions of Americans in 2022 and 2023.
Remember the reason why Social security will not send a new check to retirees for benefits before May 1997 until January because they received their last payment on December 1. It was 2 days before the most common date, the 3rd day of the month.
HOW MUCH CAN I RECEIVE ON JANUARY 3 FROM SSA?
If you meet all the requirements, your Social Security Check it can cost up to $4,873. If you’re about to turn 62, you still have time to increase your monthly benefits if you haven’t filed yet.
Keep in mind that early retirement may reduce your monthly income payment by 30%. That’s why it’s vital to delay retirement if you haven’t saved or invested enough money.
Retiring at 70 can get you a check worth 24% more. While some people think about all the expenses they may have to face while working Social securitythey forget about inflation.
Those who receive retirement benefits for a long time can lose quite a lot of purchasing power. Some reports claim that some retirees who are 85 or older may have lost as much as 36% of their purchasing power. Think twice before applying Social security.