If you’re waiting for your Social Security payment this month, pay attention because it could be arriving in a matter of hours. The Social Security Administration (SSA) follows a payment schedule based on each person’s date of birth.
If you were born between the 11th and the 20th of any month, your money lands in your account this Wednesday, February 19. But if you’ve been getting paid since before May 1997, you should have already received your payment at the beginning of the month. Furthermore, some ask if it’s possible to qualify for Social Security and the Supplemental Security Income (SSI) at the same time, and here’s what you must know.
How much can you receive from Social Security?
Not everyone receives the maximum amount, but if you waited until age 70 to retire, you could get up to $5,108 a month. Of course, it is not a check that reaches everyone, because it depends on how much you earned throughout your working life. Most retirees receive an average of $1,876.95 a month, so don’t get too excited before reviewing your case.
If you decide to retire at age 67, which is the full retirement age, the maximum you could receive is $4,018. Now, if you choose to retire early at 62, prepare to see a cut and receive only $2,831. It’s a game of patience: the longer you wait, the better your check will be.
Cost of Living Adjustments: Did payments go up this year?
Since January, benefits are up 2.5% thanks to the cost of living adjustment (COLA). Although it is not the largest increase in recent years, it is still a small help for millions of beneficiaries. To give you an idea, in 2023 the COLA was an incredible 8.7%, and in 2024 it dropped to 3.2%. The difference is because inflation has been lower lately, but many are still feeling the blow of high housing, food and insurance prices.
Analyst Mary Johnson explained that although this year’s COLA is the lowest since 2021, it is still a relief for those who depend on these payments. On the other hand, Martin O’Malley, former commissioner of Social Security, assured that this increase will help millions of people cover their basic expenses.
Didn’t you get your Social Security payment?
If your Social Security check hasn’t arrived when it should, don’t panic. You can do the following:
- Call 1-800-772-1213 (Monday through Friday, 8 a.m. to 7 p.m.).
- Go to ssa.gov and check the status of your payment in your personal account.
- Visit a local SSA office, although it is best to schedule an appointment to avoid long waits.
It is important that you verify your bank account and address details, because any errors could delay your payment.
Can I receive Social Security and SSI at the same time?
Yes, it is possible to collect Social Security and Supplemental Security Income (SSI) at the same time, but there are some details to consider. To qualify for SSI, you must be over 65, have a disability or be blind, and have limited income and resources. The limits change every year, so it’s best to check with the SSA if you apply.
If you already receive Social Security payments, your SSI check could be reduced. Because? Because SSI is designed for people with very low incomes, so any extra money you receive, including Social Security, can impact how much you get.
To receive SSI, you must have limited income, but there is also a cap on the amount of resources you can own. This includes bank accounts, investments, and property (with some exceptions). These limits change every year, so it’s best to stay informed to avoid surprises. If the Social Security you receive is not enough to cover your expenses, SSI can give you an extra boost. But if your income exceeds certain limits, you could lose eligibility for SSI, or receive only a reduced amount.
