February brings the reset in the distribution of Social Security payments, with some beneficiaries set to receive their funds this week. Notably, the payment schedule diverges from the norm this month. Individuals receiving both Social Security retirement benefits and Supplemental Security Income, along with those who initiated their Social Security claims before May 1997, can anticipate their payments a day earlier than the usual schedule.
The latest round of Social Security payment checks is poised to reflect the recently implemented 3.2% cost-of-living adjustment (COLA) for 2024. While this increase is lower than the remarkable 8.7% spike witnessed last year, it remains above the average due to lingering inflationary pressures.
Social Security Check Distribution Dates for February
As of December 2023, the average monthly payment for all Social Security beneficiaries hovered around $1,767, as reported by the Social Security Administration. With the COLA in effect, the agency anticipates an additional $50 per month for the average Social Security retirement benefit in 2024. This adjustment underscores the ongoing efforts to align Social Security benefits with the evolving economic landscape.
Supplemental Security Income (SSI) payments from the Social Security Administration (SSA) are set to be distributed on the first of the month, falling on Thursday. Meanwhile, Social Security payments for those who initiated claims before May 1997 and individuals receiving both SSI and Social Security benefits will be issued on the second, occurring on Friday.
For individuals exclusively receiving Social Security benefits and not having claimed before May 1997, the payment date is tied to their birthday. Those with birthdays between the first and 10th of any given month will get their checks on Feb. 14. Beneficiaries with birthdays falling between the 11th and 20th will receive payments on Feb. 21, while those with birthdays between the 21st and 31st will see payments arrive on Feb. 28. This structured approach ensures a timely and organized distribution of Social Security benefits based on recipients’ specific circumstances and birthdates.
Are the Social Security Benefits Taxed?
Yes, Social Security benefits can be taxed under certain circumstances. The portion that gets taxed depends on your combined income and filing status. First, there’s the combined income: This includes your adjusted gross income, tax-exempt interest income, and half of your Social Security benefits.
Then there’s the filing status: Single, head of household, qualifying widow(er), married filing jointly, married filing separately.
In 2024, the tax thresholds for Social Security benefits vary based on filing status. For single individuals, heads of household, and qualifying widow(er)s, there’s no tax on benefits for combined incomes up to $27,000. Between $27,000 and $34,800, up to 50% of benefits may be taxable, and for incomes over $34,800, up to 85% of benefits may be taxable.
Similarly, for those married and filing jointly, no tax applies to benefits for combined incomes up to $34,000, with 50% taxable between $34,000 and $44,600, and 85% taxable over $44,600. Married individuals filing separately, who lived apart throughout the year, follow the same thresholds as single filers. It’s essential to note that these thresholds serve as guidelines, and the actual tax amount depends on individual income and deductions. Supplemental Security Income (SSI) remains non-taxable, and taxpayers can utilize the IRS’s Social Security Benefits Worksheet for estimating taxable income.