Social Security is going to start sending payments in just 3 days to millions of Americans. However, not all of them receive the same amount of money.
This is because Social Security bases payments on different factors. Therefore, each worker may have different characteristics. For example, if you have not worked for 35 years, your retirement check shrinks.
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Another thing to take into account is the age you file for Social Security. Early filers will be the ones who get a major reduction. On the contrary, those who file at the age of 70 can benefit from getting a lot more in retirement.
WHO CAN RECEIVE A SOCIAL SECURITY PAYMENT ON FEBRUARY 2 REGARDLESS OF THE AMOUNT?
According to the Administration, certain retirees can collect their February payment this week. Apparently, you can only receive this payment if you have been on retirement benefits before May 1997. But only them?
Social Security confirms that there is another possibility to collect this monthly payment for retirees. The second group of seniors who can obtain their payment is those who also receive Supplemental Security Income.
Supplemental Security Income is SSI for most Americans. So, if you receive SSI and retirement benefits, February 2 will also be your payday. SSI payments are due on February 1, so you are getting 2 checks in 2 days.
Seniors on retirement benefits who are aged 62 or older may qualify for one of the three following payments. The Administration has scheduled payments for February 14, 21, and 28 as well.
WHO IS ELIGIBLE FOR $3,822 IN FEBRUARY?
The Social Security Administration has set $3,822 as the maximum amount at Full Retirement Age in 2024. However, very few seniors can receive such a large payment.
This is because you must meet all the requirements that Social Security established. For example, if you worked in jobs not covered by SSA, you do not qualify for any payments at all.
So, working in jobs covered by Social Security is a must. Paying taxes to Social Security is mandatory to get retirement benefits. Apart from that, you must file at Full Retirement Age.
Filing before that will reduce your check. The last to things you must do is to earn the taxable maximum for 35 years. That is something really challenging. But if you work really hard toward your goal, you may achieve it and be successful. Collecting $3,822 could be awesome!