Social Security Pension Payment Schedule and Amounts for January 2024

There is a group of retirees who have not yet received their January pension from the United States Social Security Administration (SSA), because the calendar has not yet concluded.

SSA makes monthly deposits to an average of 65 million retirees and survivors, as well as 7.5 million adults and children with disabilities or blindness, who have incomes and resources below specified financial limits.

The pensions come with a 3.2% Cost of Living Adjustment (COLA) increase, intended to ensure that the purchasing power of Social Security benefits is not eroded by inflation.

Although the first payment of 2024 was made on December 29, 2023 to the beneficiaries of Supplemental Security Income (SSI), the payment for retirees still needs to be completed. Find out who else should deposit in the first month of the year and up to what amount they can receive depending on their retirement year.

WHO NEEDS TO DEPOSIT THE SOCIAL SECURITY PAYMENT?

The Social Security Administration (SSA) must make a total of four payments to retirees in the month of January, which come with the 3.2% COLA increase. As of Wednesday, January 17, the payment had been made to the third group, which were those retirees who were born between the 11th and 20th of any month. The fourth and last payment of the month will be on Wednesday, January 24 for those born between the 21st and 31st.

So that you keep it in mind, this is how the SSA will pay retirees in 2024:

• Day 3: beneficiaries who began receiving their payments before May 1997.
• First group: second Wednesday of the month for retired workers who were born between the 1st and 10th.
• Second group: third Wednesday of the month for beneficiaries who were born between the 11th and 20th.
• Third group: fourth Wednesday of the month for people born between the 21st and 31st.

2024 payment schedule (Photo: SSA)

HOW MUCH IS THE SOCIAL SECURITY PAYMENT TO RETIREES?

The Social Security Administration issues checks whose value varies significantly, as they are directly related to retirement age and contributions throughout one’s working career. Below, find out the payments for January 2024, with the 3.2% increase for the Cost of Living Adjustment (COLA), according to the time of retirement:

• The average payment for a retiree is US$1,907.
• People who retired early, at age 62, receive a maximum of US$2,654 per month.
• For those who retired at age 67, your monthly payment can be up to US$3,743.
• Those who delayed their retirement until age 70 can obtain a maximum payment of up to US$4,822.

HOW DO I KNOW IF SOCIAL SECURITY PAYMENT APPLIES TO ME?

All the information regarding Social Security and the payment of the check can be found at the government entity’s websitewhich you can access in Spanish.

2024-01-21 02:55:07
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