As the first month of the new year comes to an end, millions of Social Security beneficiaries can expect adjustments to their benefits and earning limits. Following the implementation of a 3.2% cost-of-living adjustment (COLA) in January, recipients are now experiencing the second wave of increased monthly payments, as you could know so far, in February.
While lower than the historic 8.7% increase in 2023, this COLA reflects moderating inflation trends and aims to maintain purchasing power for retirees and other Social Security beneficiaries. The average monthly retirement benefit has risen by approximately $53, offering welcome relief against ongoing cost pressures.
Streamlined Access: Social Security Payment Schedule Reminder
Social Security disbursements follow a designated schedule based on beneficiaries’ birthdates. Payments for those born between the 1st and 10th of the month arrive on the second Wednesday, while those born between the 11th and 20th receive theirs on the third Wednesday. Beneficiaries born between the 21st and 31st can expect their increased payments on the fourth Wednesday.
Therefore, individuals who haven’t yet received their adjusted benefit should refer to their designated payday in accordance with their birthdate.
For beneficiaries who continue working while receiving Social Security, the year brings positive news in the form of higher earnings limits. The annual limit for workers younger than their full retirement age (FRA) has climbed to $22,320, meaning every $2 earned above that threshold will result in a $1 reduction in benefits. Furthermore, the earnings limit for individuals reaching their FRA in 2024 has increased to $59,520, offering greater flexibility before impacting benefits.
What Date Will SSDI Checks Be Deposited?
Social Security Disability Insurance (SSDI) payment dates are generally determined by the recipient’s birthdate. The Social Security Administration (SSA) has a schedule for issuing payments based on the day of the month a person was born.
SSDI payments are typically made on a monthly basis, and the payment date is assigned according to the birthdate of the primary beneficiary (the person receiving the benefits). For example, if someone was born between the 1st and 10th day of the month, their SSDI payment is usually issued on the second Wednesday of each month. If the birthdate falls between the 11th and 20th day of the month, the payment is typically issued on the third Wednesday. Finally, if the birthdate is between the 21st and the last day of the month, the payment is usually issued on the fourth Wednesday.
The payment schedule is as follows, in February 2024:
- February 3rd: Those who have received the benefit since 1997 or before.
- February 14th:Those born between 1-10 of a month.
- February 21st: Those born between 11-20 of a month.
- February 28th: Those born between 21-31 of a month.