The average Social Security retirement payment is expected to be around $1,907 this year, taking into account the cost-of-living adjustment (COLA) increase in 2024. This increase will add approximately $58 per month to the payout received by recipients, giving them a little extra financial stability amid economic uncertainty.
A crucial part of both programs is the Cost-of-Living Adjustment (COLA), which works to keep Social Security and SSI benefits’ purchasing power stable in contrast to inflation fluctuations. The Consumer Price Index (CPI), which estimates the price of goods and services consumers purchase, is the basis for calculating the COLA.
Even though COLA increased average Social Security benefits by $58 this year, keep in mind that your particular circumstances still determine how much you receive. Benefits are usually paid less each month to those who began receiving them earlier; higher career earnings are associated with higher benefit levels.
In addition, the structures and maximum payouts of SSA’s different programs change, such as retirement and Supplemental Security Income (SSI) benefits. Therefore, neither your benefit nor your eligibility for the maximum amount is directly reflected in the average rise.
It is against the law for someone to receive Social Security Disability Insurance (SSDI) and retirement payments at the same time. Once the recipient reaches full retirement age, the retirement benefits will replace the SSDI benefits. However, it is possible to be eligible for both SSDI and SSI benefits simultaneously, but only if the strict financial criteria are met.
Mark your calendar for the $1,907 check payment date
In 2024, the maximum monthly SSI benefits will be $1,415 for couples and $934 for individuals. Concurrently, the average Social Security benefit for retired workers increased to $1,907, while the maximum payment can reach up to $4,873. The amount of their Social Security payment, less $20, will be deducted from their Supplemental Security Income eligibility for beneficiaries who qualify for both benefits.
The Social Security Administration (SSA) will distribute payments to eligible disability and retirement benefit recipients who did not start benefits before May 1997. Here is the Social Security payment schedule for February:
- February 2nd: recipients who began receiving benefits before May 1997 and individuals receiving both Social Security and SSI.
- February 14th: individuals born between the 1st and 10th of the month.
- February 21st: individuals born between the 11th and 20th of the month.
To get detailed information regarding Social Security payment dates, check the Schedule of Social Security Benefit Payments 2024.
Americans who are eligible to apply for Social Security
Age requirements
For you to be eligible for full retirement benefits, you must be at least 62 years old. On the other hand, you can begin getting reduced benefits at age 62 or delayed benefits at age 70 for a larger monthly sum.
Amount of work credits earned
To qualify for benefits, you must have completed a certain number of labor credits. The majority of advantages require a minimum of 40 credits, of which you can earn up to 4 credits annually.
Immigration status
You must be a US citizen or a noncitizen with lawful presence for specific periods, depending on the type of benefit.
How can you apply for Social Security benefits?
When it comes to applying for Social Security benefits, it is easier than you think. You can choose between the Social Security Administration, a call to 1-800-772-1213, or even locate your nearest local office. Remember to gather all the specific documents listed for your chosen benefit (retirement, SSDI, or SSI).
If you are applying specifically for retirement benefits, the Social Security Administration (SSA) suggests applying as early as possible to speed up the processing times. If you need help, don’t hesitate to contact your local Social Security office or a legal professional to ensure a successful application process.