Americans are set to receive Social Security checks worth up to $4,800 today, but not all seniors are happy with the increase in their monthly payments.
According to this year’s cost of living adjustment (COLA) calculation, Social Security benefits increased by 3.2% this year.
However, not all payments will be made on the same day.
For some groups of seniors, today is the day they can expect to pay up to $4,800.
When social security payments are expected to be made
Receipt of benefits tends to be based on each recipient’s date of birth.
Everyone whose birthday was between the 1st and 10th of the month received their benefit on February 14th. On the other hand, those whose birthday falls between her 11th and 20th today will receive Social Security benefits. Also, those whose birthdays are between the 21st and 31st of each month will receive their payment a little later, on February 28th.
There is one exception to this rule: People who have received Social Security benefits since before May 1997 can always expect their payments a little earlier. This month it arrived on February 2nd.
Before contacting the Social Security Administration about a late payment, you should wait three days to ensure that the delay in the mail is not the only culprit.
How much money can you expect?
This year, the highest-income Social Security recipients can expect to receive a payout of $4,873 if they retire at age 70. However, this is in stark contrast to the average monthly benefit amount.
The COLA increased my overall payments by about $50 per month.
Beneficiaries receive higher payments based on several factors. People who wait longer to retire generally end up with more money. At the same time, the amount you pay into Social Security based on your years of service will also affect your monthly check.
A person who retired at the youngest possible age of 62 would earn just $2,710 a month this year. On the other hand, someone retiring at full retirement age of 67 would receive a more average check of $3,822.
The 2024 COLA adjusted Social Security checks based on inflation, but not everyone believes the payment updates adequately reflect the rising health care and housing costs faced by seniors. do not have.
“Whether a given year’s COLA is appropriate for a particular retiree to ensure the same purchasing power as the previous year depends largely on the individual retiree’s living situation, both in terms of expenses and other sources of income. ” said Jonathan Price of the National Superannuation Board. A practice leader at benefits consulting firm Segal previously said: Newsweek.
In 2024, approximately $1.4 trillion will be distributed to more than 70 million people.
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Newsweek is committed to challenging conventional wisdom, finding common ground and finding connections.