Here's When to Expect $1,900 in February Social Security Payments

Social Security payments are arriving this month, which means that seniors could see around $1,900 or more deposited into their accounts.

The cost of living adjustment (COLA) for 2024 was calculated by the Social Security Administration (SSA) to be 3.2 percent. That means Americans will see a 3 percent-plus boost to payments this year as well.

Based on the median household income in 2022, a middle-class retiree who retired at 65 years old would see an average benefit of $1,867 monthly. However, maximum payments for Social Security recipients will range from $2,572 to $4,555, depending on your retirement age. On average, seniors can expect an increase of more than $50 a month.

The exact date that you earn your monthly retirement benefits depends on your birth date.

For February, everyone who has been receiving Social Security benefits since May 1997 or before will see their payments arrive today, February 2. However, for the rest of the group, checks will be divided up on several Wednesdays of the month.

Those born between the first and 10th of the month will get paid their benefits on Wednesday, February 14. Meanwhile, those with a birthday between the 11th and 20th can expect a check on Wednesday, February 21. Lastly, those who were born between the 21st and 31st will earn their payments on Wednesday, February 28.

Higher Payments This Year

Due to this year's 3.2 percent COLA, seniors will be seeing higher payments in the mail.

The SSA updates its COLA yearly to ensure that benefits match current inflation levels and maintain retirees' purchasing power.

Not every retiree feels the boost in benefits for this year is enough to cover their expenses, however.

"Whether the annual COLA is appropriate for a specific retiree to ensure equal purchasing power as the prior year is highly specific to the life situation of the individual retiree, both in terms of expenses and other sources of income," Jonathan Price, the national retirement practice leader at employee benefits consulting firm Segal, told Newsweek.

As medical and housing prices surge, seniors might still find a troubling amount of their income disappearing each month, and they're left with minimal leftover.

"While the adjustment is a step in the right direction, it may not fully offset the increased expenses seniors face," financial adviser Roksolana Ponomarenko told Newsweek. "This is particularly true in sectors where inflation has outpaced the general index, such as healthcare and housing."

Meanwhile, lawmakers have become increasingly concerned with the future of Social Security, as the federal retirement benefits program is predicted to run out of money for full payments as early as 2034. This is influenced by more Americans retiring and fewer working to support the program.

Roughly $1.4 trillion in payments are sent to more than 70 million people each year. The SSA said more than 8 million people have started receiving benefits over the past decade.