The new checks from the Social Security Administration reach a different maximum this 2024. This makes it so that United States citizens who collect a monthly benefit can get a little extra money every month over the 2023 benefits. However, not all increases for all beneficiaries will be the same.
The increase will make the maximum checks larger, yes, but each check will increase in a different way. These increases are already taking place and thousands of Americans have already enjoyed this extra money. Last January 3rd the Social Security Administration sent out new checks with a different maximum than in previous years. The most important thing about all of this is that the increase is in percentage, which makes the system fair to all beneficiaries.
Getting this increase is something that all Americans do. The Cost of Living Adjustment was created to allow Social Security retirees to directly address inflation and the increase in prices that has not stopped in years. Likewise, Supplemental Security Income recipients have also seen an increase, which has caused the payments of this benefit to reach almost 1,000 dollars a month.
What are the new maximum Social Security checks in 2024?
Among the most common Social Security categories are the disability benefit, the Full Retirement Age benefit and the Early Retirement Age benefit. Late Retirement Age is also very important for American retirees.
These are the maximum checks according to the different category:
- Early Retirement Age Check (age 62): $2,710.
- Full Retirement Age (age 67): $3,822 per month.
- Late Retirement Age (age 70): $4,873 per month.
- Disability Benefit: $3,822 per month (same as the maximum Social Security benefit for Full Retirement Age).
These payments are the maximum in this year 2024, which does not imply that all beneficiaries will get such a check. The payment is usually less, so we should not worry if our Social Security check is not close to these amounts.
Upcoming Retirement Checks in January 2024
Before the end of January the Social Security Administration will send three different checks to different groups of retirees. These checks will reach Americans on January 10th, January 17th and January 24th. Each of these payment days is for a different group of Americans.
Thus, we find that all of these paydays have as their first requirement to have had a Social Security benefit since after 1997. On the other hand, all these days have a second mandatory requirement in order to get this benefit.
In order to receive a check on January 10th, it is necessary to have a birthday between the 1st and 10th of the month. The January 17th payment is for beneficiaries with birthdays between the 11th and 20th of any month. Finally, the payment on January 24th is for beneficiaries with a birthday between the 21st and 31st of any month of the year.
Remember that the January benefit will have 3.2% extra money over last year’s Social Security payment. So you should add that amount to your benefit to get the total amount of money you will get in your retirement benefit starting in January 2024.