In the next week the Social Security Administration will send the new payment to United States retirees. In addition to being the new payment it is also the last of this month’s payments. Therefore, if you have a benefit and by then you have not gotten the check you might have to claim the payment from the Administration, since it is the last payment of the month and at that time all retirees should have the money available.
But it is mandatory to be within a specific group of Social Security retirees to get the last payment of the month. If we fulfill two mandatory conditions, the money will be ours in the next week. If we are not in this situation, it means that the payment should already be in our current account, since it was sent in the previous weeks.
This new payment will be in the maximum amount of $4,873, since it has the 2024 Social Security COLA included. This COLA will cause all retirement checks to increase during 2024 starting this January. If you have already gotten the payment you will have noticed that it is larger than last year’s. And if you receive it in the next week you will soon be able to see what the amount you get will be.
What are the requirements for the new Social Security?
The day the Social Security Administration will send this new payment to beneficiaries in the United States will be January 24th. This day will be the last day on the calendar for the first month of the year 2024. Therefore, by that time each retirement payment should have reached its beneficiaries.
But to cash this particular check we need to meet two requirements. These two requirements are related to the retiree’s personal information. On the one hand, we are required to have a birthday between the 21st and 31st of any month. On the other hand, it is also necessary to have applied for retirement benefits after 1997.
If these two requirements are met, we will have access to the payment on the 24th day of January. However, it is not necessary to have a specific type of retirement. Any type of retirement is valid to be able to get the money for that day. It doesn’t matter if our check is for disability, retirement or any other type of benefit. The important thing is that we are within that group with the conditions mentioned above.
Why is the retirement check increasing?
The increase in Social Security benefits depends on the Cost of Living Adjustment (COLA). This type of annual increase allows retirees to keep up with general price inflation. The calculation is always made based on inflation in the third quarter of each year and the announcement is made in mid-October.
In this year 2024 we have seen an increase of 3.2%, which while not as large as the previous year’s increase of 8.7%, is still a good figure. The new maximum is $4,873, but that doesn’t mean that those who don’t have the maximum check can’t get the increase.
Every single Social Security payment increases that 3.2%, so your benefit will have an increase in all of 2024 over the previous year 2023. And remember, to get the COLA you don’t need to do anything, as it is an automated process.
Who can benefit from Social Security in the USA?
Social Security in the United States offers benefits to several groups of people. First, there are retirees, who can begin receiving benefits at age 62, although the full amount is awarded upon reaching full retirement age, which varies depending on the year of birth. Spouses and minor children of retirees can also receive benefits.
People with disabilities that prevent them from working significantly are also eligible for benefits, through Social Security Disability Insurance (SSDI). Also, dependents of a person with a disability may be eligible.
Another important group is the families of deceased workers. This includes spouses, minor children and, in some cases, dependent parents of the deceased. These survivor benefits help ease the financial burden after the loss of a loved one.
It should be noted that in order to receive these benefits, it is necessary to have contributed to the Social Security system through employment taxes. Eligibility and benefit amounts depend on work history and contributions made.