As the new year unfolds, beneficiaries of Social Security eagerly anticipate the fourth round of payments scheduled for 2024. According to the Social Security Administration’s (SSA) payment schedule, retirees will soon see an increase in their monthly benefits.
The timing of these payments is intricately linked to the birthdates of retired workers, while Supplemental Security Income (SSI) benefits are distributed on the first day of each month. For retirees born between the 21st and the 31st of the month, their benefits will be disbursed on the fourth Wednesday of January, marking January 24 as the day for this specific group to receive their much-anticipated checks.
For those born between the 1st and 10th, payments will be made on the second Wednesday of the month, while those born between the 11th and 20th can expect their checks on the third Wednesday of January.
It’s crucial to note that this payment schedule is applicable to individuals who initiated their retirement requests after May 1997. Retirees who concluded their employment before this date receive their payments on the third day of each month, regardless of their birthdate, and are set to receive their payments tomorrow.
The upcoming payments for 2024 also bring an increase of 3.2% to the average payment received by retired workers. This translates to an approximate boost of $57, bringing the average Social Security payment for 2024 to $1,885. However, it’s essential to recognize that this is an average, and the actual amount can vary based on the unique circumstances of each beneficiary.
To calculate the precise increase in payments for 2024, beneficiaries can use a straightforward formula: multiply the current benefit figure by 1.032. As retirees eagerly await their increased payments, this adjustment aims to provide additional financial support in the face of evolving economic conditions.