The new monthly Social Security increases are rolling out for millions of recipients, with each check seeing a 3.2% increase compared to 2023.
The increase is part of the annual cost of living adjustment, which was announced in October. The regular monthly retirement payment will now see a maximum possible check of $4,873 for seniors who retire at 70.
The youngest age of retirement is 62, but those who retire at 62 can only receive up to $2,710 a month in 2024. If people retire at the full retirement age of 67 in 2024, their maximum benefit is $3,822, according to the Social Security Administration.
The retirement payments go out on the second, third, and fourth Wednesday of each month. The first of such payments for this year will go out on Wednesday.
Another payment is the Supplemental Security Income, which has a maximum benefit for individual filers of $943. The maximum for joint filers is $1,415, and essential persons, who live with people receiving SSI payments and provide them with necessary care, will get a maximum check of $472.
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The SSI payments go out on the first of each month, except when the first falls on a holiday or weekend. When it falls on a holiday or weekend, then it goes out on the last weekday of the previous month. For example, January’s check went out on Dec. 28, 2023.
The first SSI payment for 2024 will go out on Feb. 1.
