The bonus that United States Social Security beneficiaries will receive during the month of January with respect to December payments is coming to an end. This will be the last week of January that these benefits, which are significantly higher than last year, will be paid out. This does not mean that retirees will no longer receive their retirement check with the added COLA.
What it does mean is that starting with the payment following this week’s new check, all Social Security checks will not have a new increase. In other words, payments will remain the same as this January’s payment through 2024. So, if you have already cashed a check in January, you already know how much you will receive for the month.
If you did not receive a check this month, you still have time to get one. Once you get paid in January 2024, you will know exactly how much your Social Security check will be for the rest of the year. This is good news because it makes it much easier for households in the United States to manage their finances.
How do I get Social Security with the January bonus?
Actually, the COLA bonus is completely automatic. This means that every single payment sent by the Social Security Administration includes this extra money. This is undoubtedly great news for all retirees, who will have extra money in 2024 that they didn’t have before.
So if you are one of the retirees receiving a check this week, you will be receiving a check with the COLA in just a few days. It will be mailed on January 24, and the amount of that check will already tell us how much we will be collecting in the coming months.
Best of all, since inflation has kicked in, the COLA seems really fair. Not all Americans feel the same way, however, as some believe the COLA for Social Security recipients is not enough to combat the usual rise in prices.
In any case, to receive the check on the 24th, it is mandatory to be retired since 1997 and have a birthday between the 21st and 31st of the month. Thereafter, the payment will be made again in February, but each group of retirees will receive their benefit on the established days.
February Retirement Payment Schedule
Payments for the month of February will arrive on four different days, as is customary. For example, the Social Security Administration will pay these checks on the 2nd, 14th, 21st, and 28th. Beneficiaries can find out in advance when their payment day will be.
On February 2, pre-1997 retirees will receive checks. The usual payment day is the 3rd, but that day in February is a weekend. Therefore, the payment arrives on the immediately preceding business day, which is Friday, February 2.
On the other hand, post-1997 retirees receive their payment on the 14th, 21st or 28th. The exact day depends on your birthday. For example, Social Security will send checks to beneficiaries with birthdays between the 1st and 10th on the 14th. The 21st is for retirees born between the 11th and 20th. Finally, on the 28th, retirees born between the 21st and 31st of any month will be able to receive their benefits.