Those 62 or older and people with disabilities will soon receive payments of $1,848 and $1,489

If you are 62 or older, there is great news for you. If you are receiving disability benefits, there will also be a payment for you. As long as you meet the requirements, you’ll collect some money.

FYI December 27th will be the last day of the year to redeem retirement or Social security for disability. Therefore, if you have not collected a payment but that check could be yours.

The thing is, the last check is only for those who didn’t receive benefits before May 1997. What’s more, they have to have birthdays on certain days. For example, those whose birthdays are from 1 to 20 will not receive a payment On December 272023

DECEMBER 27 PAYMENT AND ELIGIBILITY

Those retirees and people with Social Security Disability whose date of birth is 21 to 31 will receive payment on December 27. Of course, only if you applied for benefits after May 1997 or in May 1997.

Seniors and people on disability benefits (SSDI) will soon get paid
Seniors and people on disability benefits (SSDI) will soon get paid

Remember, these checks won’t include the cost-of-living adjustment that the Social Security Administration set last October 12, 2023. That’s because it’s payment for 2023

Only 2024 payments will include the COLA increase. After the latest COLA increase, checks are expected to increase by 3.2%. For example, if you receive a check for $1,000, you will receive $1,032 in January.

Regardless of the type of payment you get from Social Security, you’ll get 3.2% more 2024. The first Americans to receive the COLA increase will be those on Supplemental Security Income (SSI) on December 29.

RETIREMENT AND DISABILITY AMOUNTS ON DECEMBER 27

Once you know you’re eligible because your birthday is between the 21st and 31st and because you’ve already started collecting Benefits from May 1997 or later, you may want to know the amounts.

The maximum amounts will depend on the age at which you retire. The closer you retire to age 70, the higher your pension payment will be. For example, if you filed at age 70, you could get up to $4,555 in 2023.

To get that much money, you must have had a high income and worked for 35 years. High earners who receive the taxable maximum over 35 years and file at 70 can choose the largest payments.

The largest check at full retirement age is $3,627 in 2023. This is also the maximum amount if you receive SSDI (disability benefits). Average SSDI payments are $1,489 in 2023. Retirees could receive $1,848 on average in 2023. Expect $1,537 and $1,907 in 2024 after the 3.2% COLA jump.

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