Introduction
As we enter the year 2023, it’s important to start planning for the future. For those who rely on Social Security benefits, it’s crucial to understand the payment calendar for 2024. In this article, we’ll go over everything you need to know about Social Security payments in 2024, including when you can expect to receive your benefits.
When Will Social Security Payments Be Made in 2024?
Social Security payments are typically made on the second, third, or fourth Wednesday of each month, depending on your birth date. In 2024, the payment schedule will be as follows:
- January 10, 2024
- February 14, 2024
- March 13, 2024
- April 10, 2024
- May 8, 2024
- June 12, 2024
- July 10, 2024
- August 14, 2024
- September 11, 2024
- October 9, 2024
- November 13, 2024
- December 11, 2024
What Happens if Your Payment Date Falls on a Holiday?
If your payment date falls on a holiday, such as Christmas or Thanksgiving, you will typically receive your payment a day early. For example, if your payment date is December 25, 2024, you will receive your payment on December 24, 2024.
How Much Will You Receive in Social Security Benefits in 2024?
The amount of Social Security benefits you receive in 2024 will depend on a number of factors, including your work history and the age at which you start receiving benefits. The average monthly benefit for retired workers in 2024 is expected to be around $1,600.
Can You Work and Collect Social Security Benefits at the Same Time?
Yes, you can work and collect Social Security benefits at the same time. However, if you are under full retirement age (which is currently 67 for those born in 1960 or later), your benefits may be reduced if you earn more than a certain amount each year. In 2024, the earnings limit is expected to be $18,960.
What Happens if You Start Collecting Benefits Early?
If you start collecting Social Security benefits before your full retirement age, your monthly benefit amount will be reduced. For example, if your full retirement age is 67 and you start collecting benefits at age 62, your monthly benefit amount will be reduced by about 30%. However, you may choose to start collecting benefits early if you need the money or if you want to retire earlier.
What Happens if You Delay Collecting Benefits?
If you delay collecting Social Security benefits past your full retirement age, your monthly benefit amount will increase. For example, if your full retirement age is 67 and you delay collecting benefits until age 70, your monthly benefit amount will increase by about 8% for each year you delay. This can be a good option if you are still working and don’t need the money right away.
What Happens if You Become Disabled?
If you become disabled and are unable to work, you may be eligible for Social Security disability benefits. These benefits are designed to provide financial assistance to those who are unable to work due to a disability. The amount of your monthly benefit will depend on your work history and the severity of your disability.
Conclusion
Understanding the Social Security payment calendar for 2024 is crucial for anyone who relies on these benefits. By knowing when your payments will be made, you can better plan your finances and ensure that you have enough money to cover your expenses. If you have any questions about Social Security benefits, be sure to speak with a financial advisor or visit the Social Security Administration’s website for more information.