Social Security recipients in February 2024 may see their monthly payments arriving a bit earlier than usual, thanks to the 3.2% cost-of-living adjustment for 2024. While this is higher than the norm, it falls short of the historic 8.7% increase from the previous year, a reflection of ongoing inflation. According to the Social Security Administration’s report in December, the average monthly benefit for all beneficiaries was around $1,767.
The cost-of-living adjustment is expected to bring about a $50 monthly increase in the average Social Security retirement benefit by 2024. Recipients can check for updates on their New Social Security Check Deposit Date for February 2024 on the SSA website.
In addition to the cost-of-living adjustment, the SSA has confirmed the schedule for Supplemental Security Income checks in 2024. Social Security benefits were sent out on February 2nd to claimants who filed before May 1997, as well as to individuals receiving both Social Security and SSI benefits. For those only receiving Social Security payments and did not file a claim prior to May 1997, their birthdate determines the day of payment.
Furthermore, beneficiaries born on days other than the first or tenth of the month will receive their payouts on Wednesdays. Those born between February 11th and 20th will receive their payout on February 21st, while those with birthdays between February 21st and 31st will be paid on February 28th.
Recipients can contact the SSA if they experience delays in receiving their Social Security check for February 2024, with a contact number provided for inquiries. The monthly Social Security payment for February 2024 is based on the recipient’s age of retirement and lifetime earnings, adjusted yearly to account for changes in the Consumer Price Index.
For those interested in optimizing their Social Security payments, the decision to start collecting benefits at a certain age significantly influences the amount received each month. Eligibility for Social Security payments in 2024 depends on age and income, with specific limits for both individuals and couples.
Recipients receiving only Social Security benefits can expect their payments on the second, third, or fourth Wednesday of any given month, while SSI recipients typically receive their payments on the first of the month. If a holiday or weekend falls on a payment date, the payments are postponed to the preceding business day.
Interested individuals can view their earnings history and determine their benefit using the SSA’s online resources and digital benefits calculator, aiding them in navigating their Social Security benefits for 2024.