By Arlenys Tabare
Feb 11, 2024, 11:34 AM EST
This Wednesday, February 14, the first round of payments for Social Security retirees begins, The amounts of the checks could reach $4,873 dollars depending on the retirement age of the beneficiaries.
According to the Social Security Administration (SSA) schedule, the next rounds of payments during the month of February correspond to retirees retired after May 1997 and beneficiaries of the Social Security Disability Insurance (SSDI) program.
Who will receive payments this February 14?
The distribution of the checks is carried out in three parts depending on the date of birth of the retirees. Therefore, The first to receive their benefit will be retirees born between the 1st and 10th of any month.
Next, by Wednesday, February 21, those withdrawn between the 11th and 20th of any month will receive the checks. Finally, The last to obtain their benefits will be retirees between the 21st and 31st of any month next Wednesday, February 28.
How much is the amount of benefits?
This year, due to the 3.2% COLA 2024 adjustment, retirees will have an increase in their benefits. In this case, Those retired at age 70 will have a monthly check of $4,873 dollarsretirees at age 67 receive $3,822 dollars per month and those aged 62 receive $2,710 dollars per month.
To receive the Social Security benefit, applicants must meet some requirements such as having the minimum retirement age, having completed the credits for years worked, paying taxes, among others.
The year in which you actually retire can affect the amount you receive monthly, since advancing the retirement age to 62 can cause you to lose 30% of benefitsOn the other hand, those who delay their retirement age to 70 get more than 100% of the payments in their checks each month.
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