Social Security payments for February are on their way to eligible recipients, following a slightly altered schedule for this month. Beneficiaries receiving both Social Security retirement benefits and Supplemental Security Income, as well as those who began receiving Social Security before May 1997, have already received their payments on Feb. 2.
The checks for this month will reflect the new 3.2% cost-of-living adjustment (COLA) for 2024. While this is lower than last year’s significant 8.7% increase, it remains above the average due to ongoing inflation concerns. According to the Social Security Administration, the average monthly payment for all beneficiaries was approximately $1,767 as of December 2023. With the COLA in effect, the agency anticipates an average increase of $50 per month in Social Security retirement benefits for 2024.
When can I expect to receive my Social Security payment for February?
The distribution of Supplemental Security Income payments occurred on the first day of the month. Social Security payments for individuals who began claiming benefits before May 1997, as well as those receiving both SSI and Social Security benefits, were issued last Friday. If you solely receive Social Security benefits and did not initiate claims before May 1997, your payment date is determined by your birthday.
Beneficiaries with birthdays falling between the first and 10th of any given month will receive their checks on Feb. 14. Those whose birthdays fall between the 11th and 20th of the month will receive payments on Feb. 21. Payments for beneficiaries born between the 21st and 31st of the month will be sent out on Feb. 28 by the SSA.
I haven’t received my Social Security check for this month.
If you believe your payment is delayed, it’s advisable to contact the SSA. However, it’s recommended to wait three business days before contacting the agency regarding your payment status. You can reach them by phone on any weekday between 8 a.m. and 7 p.m. at 1-800-772-1213.
Additionally, you can check your payment status by logging into your Social Security online account and navigating to the “Benefits & Payments” section.
For individuals receiving only Social Security benefits, payments are typically disbursed on the second, third, and fourth Wednesday of each month, depending on their birth date. Sole recipients of SSI generally receive their payments on the first Wednesday of the month, unless it coincides with a weekend or federal holiday.
When such instances occur, SSI payments are shifted to the preceding business day. Consequently, beneficiaries may receive two payments in one month and none in the following month. Those who receive both SSI and Social Security benefits (or who began claiming benefits before May 1997) typically receive SSI on the first of the month and Social Security on the third Wednesday. However, if these payment dates fall on weekends or holidays, they are also moved to the previous business day. This adjustment applies to February’s payments.
How can I determine my Social Security payment?
Your Social Security benefit is determined by your average indexed monthly earnings over the 35 years in which you earned the highest income. The SSA uses this information to calculate your primary insurance amount (PIA) through a specific formula. To access your earnings history and estimate your benefits, you can create or log in to your online account on the SSA’s website. The SSA provides various digital tools, including a benefits calculator, to assist you in understanding and managing your benefits effectively.