The last Social Security payment will be on December 27. Besides, checks will be worth $1,848 on average said SSA. So that implies there will not be a COLA boost in December for retirees.
In fact, only Supplemental Security Income beneficiaries can collect payments with a Social Security increase in 2023. Their new checks will arrive on December 29, but they are actually their January checks. While some retirees will get their new checks on January 3, others will have to wait until January 24.
In between, there will be two more payments. The average amount will be $1,907 claimed SSA. Therefore, they will receive 3.2% more next year. Getting more money is always welcome, but it does not seem enough.
WHO WILL RECEIVE $1,907 ON JANUARY 3, 2024?
The thing is the Social Security Administration divides payments into two main groups. Those who received benefits before May 1997, and those who did not. Another group is those who get SSI and retirement or disability benefits at the same time.
So, if you started collecting payments before May 1997, January 3 will be when you can receive an average payment worth $1,907. Needless to say, some retirees will get less money, while others will get more.
The amount of your Social Security benefits will depend on your previous earnings. But it also varies depending on the number of years you worked, and the age you filed.
Another group of seniors who will receive Social Security benefits on January 3 will be those on SSI. So, they get SSI on December 29 and retirement checks on January 3.
WHO WILL GET $1,907 ON JANUARY 10, 17, AND 24 FROM SOCIAL SECURITY?
These paydays will be for those who did not receive Social Security before May 1997. What is more, the Administration arranges payments depending on their birth dates.
For example, if your birthday is from 1-10, your check will be due on January 10, 2024. Those seniors whose birthday is from 11-20 will get their payments on January 17.
January 24 will be the last payday for Social Security beneficiaries. To get this check, your birthday must be from 21-31. All these payments can get up to $4,873, but most will get an average payment of about $1,907.
If you have not filed for retirement checks yet, make sure you check your annual statement. There you will see the amount of your benefits depending on the age you apply for retirement benefits.