The government has announced that there will soon be millions in Social Security payments. Whether you receive SSDI or retirement benefits, you may collect your money in 6 days.
Don’t forget that the Social Security Administration (SSA) stated that your next payment will be sent on March 13. Since some seniors and people with disability benefits received their money on March 1, they will not receive a check this time.
To be eligible for this Social Security payment you must have filed after or in May 1997, but not before. Also, your birthday will tell you when you can receive the check. The earlier your birthday, the earlier you will receive the check.
WHO WILL RECEIVE $1,907 AND WHEN?
If you receive an average retirement check, you will receive about $1,907. Social Security has announced that this will be the average payout in 2024 thanks to the COLA increase, you will receive about $59 more per month.
- Social Security is about to send payment to disability and retirement benefit recipients.
- Social Security is about to send payments to disability and retirement benefit recipients.
- The Administration will send payments to those seniors who did not start receiving benefits before May 1997. If that’s you, let’s take a look at the age requirement.
Those retirement beneficiaries whose date of birth is between the 1st and 10th will receive money from Social Security on March 13. Retirement checks can be worth as much as $4,873.
Who is eligible for Social Security payments?
Eligibility for Social Security payments primarily depends on earning enough Social Security credits through work and paying Social Security taxes. Here are the key groups eligible for different types of Social Security payments:
- Retired Workers: Individuals who have earned at least 40 Social Security credits (approximately 10 years of work) are eligible for retirement benefits once they reach the age of 62, with full retirement age varying between 65 and 67 depending on the year of birth. The amount of the retirement benefit is based on the worker’s 35 highest-earning years.
- Disabled Workers: Individuals who cannot work due to a medical condition expected to last at least one year or result in death, and who have earned a certain number of Social Security credits, depending on their age at the time of becoming disabled, are eligible for Social Security Disability Insurance (SSDI).
- Survivors: Family members of deceased workers who had earned enough Social Security credits may be eligible for survivors benefits. This can include widows or widowers (eligible as early as age 60, or 50 if disabled), divorced spouses in some cases, minor or disabled children, and dependent parents.
- Dependents: Spouses (including divorced spouses in some situations), minor children, and disabled children of workers eligible for retirement or disability benefits may also receive benefits. For spouses, eligibility starts at age 62 or at any age if caring for a child under age 16 or disabled.
- Supplemental Security Income (SSI): Although not funded by Social Security taxes, SSI provides payments to adults and children with a disability and limited income and resources, and to people 65 and older without disabilities who meet the financial limits. SSI is managed by the Social Security Administration but is funded from general tax revenues.
The specific requirements for each type of benefit can vary, including the number of work credits needed and other criteria. It’s important to check with the Social Security Administration for the most current eligibility requirements and to plan accordingly.