Many Americans tend to think about retirement benefits when they hear about Social Security. Bear in mind that retired workers and dependents are just 77.8% of the total percentage of benefits paid in 2023.
What is more, many people need to file for Social Security Disability Insurance due to a condition. They represent about 11% of all benefits sent by the Administration. This insurance can last all your life, unlike other private insurance.
Apart from retirement and disability benefits, Social Security offers the possibility to get survivors benefits if eligible. If you pass away and you have worked enough in jobs covered by SSA, your family may get monthly payments on your record.
HOW MANY PEOPLE WILL WORK IN JOBS COVERED BY SOCIAL SECURITY IN 2024?
According to the Administration‘s latest statistics, about 182 million workers will have jobs covered by SSA in 2024. Therefore, they could benefit from retirement, disability or survivors benefits in the future.
For your information, a worker needs 40 work credits to qualify for Social Security. That is approximately ten years of work. However, there are ways to increase your future benefits.
Social Security will pay you more money in retirement if you have been a high earner. Therefore, if you have earned a lot of money as a worker in jobs covered by SSA, you will enjoy a higher retirement check.
DELAYING RETIREMENT CAN BE REWARDING
No one can choose when to file for disability or survivors benefits, because it is something unexpected. Nevertheless, you can delay retirement if you are fit and healthy. By doing so, you can take advantage of a 24% extra per month.
Social Security also allows low-income recipients to get other benefits. For example, you could apply for SSI or SNAP benefits if your monthly check or direct deposit is too low.
Summing up, S.S. can give you:
- retirement benefits
- survivors benefits
- disability benefits
- allows to get SSI & SNAP
- you can get Medicare at 65 while on retirement benefits