Social Security retirement check increases are closer than many United States citizens think. In just a few months we are going to have the new COLA increase that will cause the retirement checks, either by age or disability, to increase for all beneficiaries.
In this sense, if we want to have the next one of the Social Security checks, even if it does not have the increase yet included, we must meet some requirements. Similarly, there are different requirements to be met if we want to get one of the retirement benefit checks.
Regardless of the type of retirement we have, we will be able to obtain the COLA increase. Retirement benefits, whether for disability or other reasons, always increase every year.
However, the new check in the next few days, increase or no increase, will only go to a specific group of citizens. So if you are expecting to get the new benefit you should know that you have to meet some exact requirements.
GETTING THE NEW SOCIAL SECURITY RETIREMENT CHECK
The new Social Security retirement check will arrive as early as tomorrow to beneficiaries who fall within the eligibility criteria list. This means they must meet two requirements. With just these two requirements a United States citizen will be eligible to get the new check.
These two requirements are, on the one hand, to have a benefit since after 1997. On the other hand, you must have a birthday between the 11th and 20th of the month. If you are in this group, you will be entitled to receive the new check on the third Wednesday of each month.
The retirement check for this group will have an increase next year thanks to the COLA, so you will not have a maximum of $4,555, but the benefit will be higher.
WHEN IS THE SOCIAL SECURITY COLA INCREASE COMING?
The COLA increase will arrive next year 2024 from the first of the Social Security payments. Not only that, but in addition to retirement payments, Supplemental Security Income checks will also get an increase.
This means that the first of the payments to arrive increased will not be in 2024, but in 2023. The reason for this is very simple, and it is that we will see that the checks for this benefit arrive on the 1st of each month, but there are exceptions.
When the 1st of the month is a weekend or holiday, the payment arrives on the immediately preceding working day. And this is what makes the payment of this increased benefit arrive much earlier. After that, we will have to wait a few days until the first retirement payment with the increase arrives. To be exact, this will occur on January 3, 2024.