Getting your next payment in December is something you can’t wait for anymore. There are so many expenses in December and the cost of living is so high that you must be running out of money by now.
If you are not good at saving money and have overspent your last check, this is the date when you may receive a Social Security payment. December 20 will be the next payday for those who did not get benefits before May 1997 and meet the birth date requirement.
Wednesday payments in December come on a different day depending on your birthday. For example, if your birthday is from 11-20, your check will arrive on December 20.
HOW MUCH CAN I GET FROM THE DECEMBER 20 PAYMENT?
Although a retiree can collect up to $4,555 in 2023, this is unlikely. That large amount is only for those seniors who earned the taxable maximum for most of their work history, at least 35 years. Besides, it is only for those who filed at the age of 70. So, expect a lower payment. But will it bring the new COLA boost?
There are many seniors who wonder if their next payment in December will bring the COLA increase. Unfortunately, they will have to wait until January to receive it.
This is because the 2024 COLA jump is not available until you receive your retirement check in January. There is an exception, but it is just for those who receive Supplemental Security Income on December 29. It is their SSI check but in advance because New Year is a holiday.
The new retirement payment amounts will be $1,907 on average in 2024, up from $1,848 in 2023. So, retirees will receive about 59 dollars extra on average, which is a little more than the average increase for all Americans on Social Security (50 dollars).
WILL THERE BE ANOTHER RETIREMENT CHECK IN DECEMBER?
The Administration has confirmed that there will be another payment on December 27. Nevertheless, it will only be for those who did not receive benefits before May 1997 and whose birthday is from the 21 to the 31.
The average amounts will also be $1,848, but it will depend on each retiree. Remember that those who have been high earners and filed at the age of 70 will get a lot more.
In fact, late filers can get a Social Security reward of about 24% extra per month. If you are wondering when the January payments are due, let’s have a look at them.
SSA will send the first retirement payment to seniors with the 2024 COLA on January 3. These checks will only be for those who received benefits before May 1997. January 10, 17 and 24 will be the next paydays. Checks arrive depending on your birthday, 1-10 (Jan. 10), 11-20 (Jan. 17), 21-31 (Jan. 24).