The Social Security Administration has revealed that there are 4 payments left in December. However, only three of them will be for retirees. The last payment in December will bring the new COLA increase and it will be for those on Supplemental Security Income.
None of the retirees will receive the 2024 COLA boost in December from Social Security. So, they will just get their usual amount with the 2023 COLA jump. It is true that some retirees also get SSI at the same time, so they can get up to $943 on December 29.
They can receive up to $29 extra in their December 29 SSI check. The rest of the payments will be on December 13, December 20, and December 27. But who qualifies for these checks? In fact, it is only for those who started receiving retirement benefits after or in May 1997.
WHO WILL NOT RECEIVE A SOCIAL SECURITY PAYMENT UNTIL JANUARY 2024?
If you are on Social Security retirement benefits, you will not collect your next payment until January. The actual date of your payment will be January 3, so there will be no changes regarding the payday. However, there will be an important change.
The most important change that will benefit retirees will be the COLA boost. The first retirees to get it from the Administration will be this group. Those on benefits before May 1997.
Their new average Social Security retirement payment will be worth $1,907, up from $1,848 in 2023. Therefore, it means that beneficiaries will collect 59 dollars more every month. Undoubtedly, it will be beneficial since prices are too high and inflation has drained the savings of millions of Americans in 2022 and 2023.
Do not forget that the reason why Social Security will not send a new check to retirees on benefits before May 1997 till January is because they got their last payment on December 1. It was 2 days before the most frequent date, the 3rd day of the month.
HOW MUCH CAN I GET ON JANUARY 3 FROM SSA?
If you meet all the requirements, your Social Security check can be worth up to $4,873. If you are about to turn 62 years old, you are still in time to increase your monthly benefits if you have not filed yet.
Bear in mind that early retirement can reduce your monthly payment by 30%. Thus, it is of vital importance that you delay retirement if you have not saved or invested enough money.
Retirement at 70 can provide you with a check worth 24% extra. While some people think of all the expenses they may have to face while on Social Security, they forget about inflation.
Those on retirement benefits for a long time can lose quite a lot of buying power. Some reports claim that some retirees who are 85 years old or older may have lost about 36% of their purchasing power. Think twice before you file for Social Security.