Who does not want to collect a payment worth $4,555? That is the maximum amount the Social Security Administration has set for 2023, but it will be higher in 2024 thanks to the 2024 COLA.
The new COLA will make all Social Security payments increase by 3.2%. Regardless of the type of check you are receiving, you will collect more money every month.
SSI, SSDI, retirement, spousal or survivor benefits will get more cash. The first day to enjoy the 2024 COLA boost will be December 29, so this week’s payment will only have the 2023 COLA jump, but not the new one.
Who can receive up to $4,555 from Social Security this week?
The next payment by the Administration will be on November 8, and it will only be for those seniors who have filed and received benefits, but not before May 1997.
What is more, you must meet the birth date requirement. If your birthday is between the first and the tenth day of the month, then this check will be yours. Get ready for payment of up to $4,555.
Unfortunately, average payments are not so high. Most do not even reach $2,000. Bear in mind that the average payment is about $1,841 as of September 2023. With the 2024 COLA boost, they will be almost 1,900 dollars since they will increase by 58 dollars approximately.
Choosing when to retire is an important decision and involves many factors you may want to consider. Find out now how Social Security can help you achieve your retirement goals: https://t.co/8hO9Mv6u7W pic.twitter.com/hqLNALCxLS
— Social Security (@SocialSecurity) October 25, 2023
On the same day, SSDI recipients will cash a payment of up to $3,627 from Social Security. However, on average people on disability benefits receive about $1,486.
If you do not qualify for this Social Security check because of your birth date, there are two upcoming payments. The next paydays will be on November 15 and November 22.
#DYK the Social Security Disability Insurance #SSDI and Supplemental Security Income #SSI programs provide financial assistance to people with disabilities. Learn more here: https://t.co/b6T5mqsEQB #DisabilityPrideMonth
— Social Security (@SocialSecurity) July 26, 2023
Make sure your birthday is from the 11th to the 20th to get a retirement or SSDI check on November 15. If your birthday is not on those mentioned dates, then your payment of up to $4,555 will be due on November 22. If you think your check is too low, apply for SSI too. check the post below.