Social Security is the most popular and beloved public social security system that provides benefits to U.S. citizens and legal permanent residents. Social Security benefits include pensions, disability benefits, survivor benefits, child benefits, and Medicare benefits.
The Social Security benefits, including programs such as the Supplemental Security Income (SS), and the Social Security Disability Insurance (SSDI) are financed by contributions from workers and employers. Workers contribute to Social Security through a payroll tax that is deducted from their paychecks. Employers also contribute to Social Security through a payroll tax that is based on the payroll of their employees.
Social Security in January 2024: Payment Dates to Have in Mind
Big news for millions of Americans! The cost-of-living adjustment (COLA) for Social Security benefits is just around the corner, bringing a welcome boost to monthly payments starting in January. But hold on, there’s a twist! Depending on your birthday and program, the timing might differ slightly. So, grab your calendar and let’s navigate the payment schedule:
Social Security benefits are paid monthly. Social Security payment dates vary depending on the last digit of the beneficiary’s Social Security number. In January 2024, Social Security benefits will be paid according to the following schedule:
SSI Recipients: Their payments are set to arrive earlier
For our friends receiving Supplemental Security Income (SSI), the party starts early. Due to the New Year’s holiday, their COLA-infused payments will arrive a day ahead of schedule, landing snugly in your bank account on December 29, 2023.
Dual Enrollees and Pre-May ’97 Claimants: Two Birds, One Stone
If you’re both an SSI and Social Security recipient, or if you filed for Social Security before May 1997, your COLA joy comes in two waves. You’ll get a taste of the increase with your December 29, 2023 SSI payment, followed by the full Social Security bump on January 3, 2024.
For everyone else, the COLA arrives in January, but the exact date depends on your birthday. Here’s a breakdown:
- January 10, 2024: If your birthday falls between the 1st and 10th of the month, you’ll be among the first to receive your increased payment. Happy early birthday!
- January 17, 2024: Mid-month birthdays rejoice! If your special day falls between the 11th and 20th, your COLA-boosted payment will arrive on this date.
- January 24, 2024: For those born between the 21st and 31st, the wait is almost over. Your higher benefit check will arrive on this day, marking the end of the COLA countdown.
In addition to Social Security benefits, the federal government also offers other Social Security programs, such as: Social Security Disability Insurance (SSDI) Program. It provides benefits to people who are disabled and unable to work.
The SSDI payment dates in January 2024 are as follows:
- Wednesday, January 3: Beneficiaries who began receiving their payments before May 1997.
- Wednesday, January 10th: Beneficiaries with date of birth between 1st and 10th.
- Wednesday, January 17th: Beneficiaries with date of birth between 11th and 20th.
- Wednesday, January 24th: Beneficiaries with date of birth between 21st and 31st.
- SSDI payments are made on the third Wednesday of every month. However, because January 3, 2024 is a holiday, beneficiaries who began receiving their payments before May 1997 will receive their payments on Wednesday, January 2.
Who Could Receive up to $3,822 From Social Security?
In 2024, Social Security beneficiaries who are eligible to receive the maximum retirement benefit upon reaching full retirement age will receive $3,822 per month. This represents an increase of 5.9% from the maximum profit of 2023, which was $3,627.
To be eligible for the maximum retirement benefit, beneficiaries must have worked and contributed to Social Security for at least 40 quarters. They must also meet the full retirement age, which is 67 for people born after 1960.
Beneficiaries who do not meet these requirements may receive a retirement benefit lower than the maximum. The retirement benefit is calculated based on the employee’s income during his entire working life. In addition to the retirement benefit, Social Security offers other benefits, such as disability benefit, survivor benefit, and child benefit. The requirements for these benefits vary.