If you have a United States Social Security retirees benefit, you may soon get a new payment with $130 more. This does not mean that all Americans will get this payment, nor does it mean that everyone will get a little extra money.
Receiving the extra money is for sure, but the amount will depend on the check we have collected up to last year. The 2024 COLA has caused all benefits to increase starting in January of this year. Therefore, you may have noticed that your January check was higher than last year’s December check.
And the approximate average COLA increase for Social Security retirees at age 62 is $130. This is just the average, as each check is totally different. In this sense, as each retirement check is different we can also see that each check increase is different.
The COLA acts on Social Security benefits through a percentage. That is why some retirees get more dollars than others. But in reality each beneficiary gets the same increase in the end. So in the event you are able to get the payment on the 28th day of February you will get the 2024 increase, as in the previous month.
Which retirees get the February 28th Social Security?
Group 4 retirees are the ones who get the February 28, 2024 benefit. Only group 4 can directly get this payment. It is important to keep this in mind, as all other groups should already have the money available in their checking account.
![These retirees are getting the new Social Security check](https://www.tododisca.com/en/wp-content/uploads/2024/02/These-retirees-are-getting-the-new-Social-Security-check.jpg)
To be part of retiree group 4, two requirements must be met. First, you must have been receiving a Social Security benefit since after May 1997. The month of May 1997 is also included in this requirement.
On the other hand, it is also mandatory to have a birthday between the 21st and 31st of any month. This is the only way we can be part of group 4 and the Social Security Administration will send us a check on February 28, 2024.
The amount of this check will be the same as last January. So there is no surprise, but there is an increase over the December 2023 payments. In total, the payment is up 3.2% since that month, as the COLA has kicked in on these Social Security retiree payments.