The payment arrangement for this month varies slightly from the usual schedule. Individuals who are beneficiaries of both Social Security retirement benefits and Supplemental Security Income, along with those who filed for Social Security before May 1997, have already received their Social Security payments on February 2nd.
For recipients receiving both Social Security retirement and Supplemental Security Income (SSI), or those who claimed benefits before May 1997, their payments already landed on February 2nd. This early schedule applies to a smaller group and deviates from the usual calendar.
Early Social Security Payments for Specific Groups
This year’s COLA reflects the lingering effects of inflation, setting the increase at 3.2%. While lower than the historic 8.7% in 2023, it still provides a boost to Social Security checks. The Social Security Administration estimates an average monthly benefit increase of $50 thanks to this adjustment.
As of the last data available in December 2023, the average monthly Social Security payment was around $1,767. It’s important to note that this reflects the average across all beneficiaries, including retirees, spouses, survivors, and disabled individuals.
When will you get your payment? It depends on several factors. Let’s start by the SSI Recipients: They already received their payments on February 1st. Early Group: As mentioned before, they received theirs on February 2nd.
Others: If you only receive Social Security and didn’t claim before May 1997, your payment date depends on your birthday:
- Birthday between 1st and 10th: Payment on February 14th.
- Birthday between 11th and 20th: Payment on February 21st.
- Birthday between 21st and 31st: Payment on February 28th.
Missing Your Social Security Check? Here’s What to Do
If you haven’t received your payment by your designated date, wait three business days before contacting the Social Security Administration (SSA). You can reach them by phone at 1-800-772-1213 weekdays from 8 a.m. to 7 p.m. Alternatively, check your payment status online by creating or logging into your Social Security account and accessing the “Benefits & Payments” section.
To calculate your Social Security payment, the SSA considers your average indexed monthly earnings over the 35 years in which you earned the highest income. Subsequently, the SSA applies a formula to determine your primary insurance amount (PIA).
To access and compute your benefits, you can review your earnings history and utilize the digital tools provided by the SSA by either creating a new online account or logging into your existing one on their website. The SSA offers a digital benefits calculator and various online resources to assist you in understanding and managing your Social Security benefits.
Social Security Cost of Living Adjustment in 2024
While not a reduction, the adjustment for the cost of living (COLA) significantly influences the funds received by Social Security beneficiaries. Annually, Social Security recalibrates its benefits in accordance with the COLA, determined by the rise in the cost of living as reflected in the Consumer Price Index. The COLA for 2024 is 3.2%, following a substantial increase of 8.7% in 2022, marking the most significant surge since 1981.
The COLA calculation centers on inflation during the third quarter of the preceding year (July, August, and September). Despite elevated inflation in the initial two quarters this year, a moderation occurred in the third quarter due to Federal Reserve rate adjustments. Nonetheless, individuals might have incurred debts amid the rapid inflation.
A less substantial COLA hike could pose challenges for retirees attempting to settle the debts accumulated during those periods. The 3.2% increase may struggle to keep pace with current inflation rates and those anticipated in the upcoming quarters.