Social security payments become a substantial part of the income of many retirees. This money it was supposed to be a supplement, but many seniors rely on it and can't make ends meet without it.
The administration has revealed when the next pension and disability benefits are due. Social security began sending the second round of January payments on the 10th.
However, no Social Security checks this week. In fact, the next SSDI and retirement checks won't be due until February 14th. This is because the administration sends out these checks for February on the second, third and fourth Wednesday. So it is not possible to schedule them earlier in the month.
FEBRUARY SOCIAL SECURITY CHECKS COMING UP
If you qualify for the February 2nd payment, you are not eligible for any of the remaining checks. The Administration will ensure that all beneficiaries have filed on or after May 1997.
February 14 will be the next salary Social security has scheduled. To receive this check, you must have a birthday from 1-10. After this payment, there will be another one next week.
So the second payment on Wednesday will be due on February 21st. Only those whose birthday is between 11 and 20 can be eligible for payment on 21 February from Social security.
The last salary for February will be due on the 28th. Once again, only if you meet the date of birth requirement can you get this money. So if your birthday is from the 21st to the 31st, this check will be yours.
SCHEDULE AND PAYMENT AMOUNTS FOR FEBRUARY 2024
Each worker may receive a different amount. This will depend on your job and earnings history. So most workers have different experiences and therefore become different Social security benefits.
However, the maximum amount for retirement benefits is $4,873 at age 70 in 2024. If you file at full retirement age, you can receive up to $3,822. This is the same maximum amount for those of SSDI (disability benefits).
If you are 62 and file for Social Security retirement benefits $2,710 is the biggest benefit you can get. Average payments are much lower and most recipients can receive these amounts.
For example, the average retirement benefit for 2024 is $1,907. If you're on SSDI, the average check is worth about $1,537. All Social Security beneficiaries receive an additional 3.2% after the COLA increase.