United States retirees in their 70s are in luck, as a group of them will be able to get a check for up to $4,873 in just a few days. The Social Security payment schedule has already been announced and thanks to it we can know at what time of the month we will get our pension.
The key information to mark on the calendar on the day of the Social Security payment is the year of retirement and the day of birth. With those two pieces of information we can know if we belong to group 1, group 2, group 3 or group 4 of pensioners with a pension check. Once we determine which is our retirement group we can now mark the day on which we collect our monthly check.
And in the month of January there are, as usual in these cases, four days of collection of this benefit. On the one hand we have a large group that collects the full amount on the 3rd day of the month. On the other hand, there is another group that is divided into three different groups that receive Social Security. The year of retirement and day of birth information will determine which group we belong to.
Which retirees in their 70s will get Social Security soon?
Social Security recipients age 70 or otherwise will collect their retirement in the next week if they belong to group 3. To understand this well, let’s see how the groups are made up and what the conditions are for each of these groups.
These are the groups that get a pension check:
- Group 1. Pensioners prior to 1997. We must have the benefit prior to this year in order to collect the first of the Social Security payments in the month.
- Group 2. Post-1997 retirees with a birthday between the 1st and 10th of the month. This group is the next group to collect. The exact date will be January 10th, 2024.
- Group 3. Post-1997 beneficiaries with a birthday between the 11th and 20th belong to this group. In January they will be paid on their 17th birthday.
- Group 4. Retirees with a post-1997 benefit and a birthday between the 21st and 31st belong to this group. The collection day for them will be January 24th.
This is the only way to determine which group we belong to. However, the day we send the money is not the same as the day we get it. Remember that it is necessary to activate Direct Deposit if we want to get the payment immediately.
Why is the maximum retirement is $4,873?
Every year Social Security retirement checks increase due to the COLA. This Cost of Living Adjustment causes benefits to increase by a percentage based on price increases and general inflation.
In 2024 this COLA has been 3.2%, bringing the maximum benefit to $4,873. Even so, not all Americans can reach such a high figure, and is that the check can reach such a high amount only in very specific cases.
In order to reach the maximum possible check, we must work for 35 years with a high salary and retire at the age of 70. Only then will we get a large Social Security, so we should always try to be very close to those numbers.