Starting in January 2024, United States recipients of the Social Security retirement benefit will get an increase in their checks. This means that the average benefit of around $1,850 in 2023 will no longer be the case, but will increase somewhat.
While it is early to talk about an average check, as it is a figure that goes up or down each month depending on active Social Security beneficiaries and the size of their checks, it is possible that the average payment will be above $1,900 in January 2024.
And that’s because thanks to the increase in Social Security‘s COLA all payments will increase by 3.2%. This means that if you have a $1,000 benefit the payment will increase to $1,032 without having to do absolutely nothing to claim it.
Therefore, the next of the payments will carry that added 3.2% and it will be for the first group of United States retirees. Getting this check will be possible only if we meet these requirements. Check both of them carefully because only one of them is mandatory.
WHO GETS A $1,900 SOCIAL SECURITY CHECK SOON?
Retirees who belong to the first group will be able to get the new Social Security payment in just a few hours. The good news is that this will be the first of the 2024 payments for retirees, so it will carry the COLA, as we noted earlier.
This means that this group will get a payment with a maximum of about $4,700. Likewise, even if the average payment is $1,900 there is nothing to indicate that each retiree’s check will be anywhere near that amount. Each beneficiary will continue to get his or her payment as usual.
In order to get this payment, it is mandatory to have had a Social Security check since before 1997. This means that any beneficiaries after that year will not be able to get the January 3rd payment, the first of the 2024 retirement payments.
The second requirement is not mandatory but is recommended. This requirement is none other than to have Direct Deposit activated. With this method of payment we will find that the money will appear in the bank account immediately. So we will not have to wait even one day to have the money available.
OTHER RETIREMENT PAYMENTS IN JANUARY 2024
After the January 3rd payment the Administration will send up to three other different payments. These other three payments will reach other different retirees, since each beneficiary has an assigned day of payments. Just by looking at the calendar we will be able to find out on which day we will get the money.
Earlier we mentioned that January 3rd was for Social Security retirees with a check prior to 1997. Well, the rest of the payments will be for beneficiaries after 1997. Each payment day will have an additional requirement:
- January 10th. Retirees with birthdays between the 1st and 10th of the month.
- January 17th. Beneficiaries with birthdays between the 11th and 20th of the month.
- January 24th. Retirees born between the 21st and 31st of the month.
And remember that the month of birth does not matter in determining the day of payment. Only the year of retirement and the day of birth matter. But only the day, since the month is irrelevant in determining whether we collect Social Security earlier or later.