Most Americans know that the Social Security Administration can provide eligible recipients with a monthly benefit in retirement. However, this should just be part of the retiree’s income.
If you just rely on Social Security retirement benefits, you may not have enough money to cover all the necessary expenses. For your information, you must have worked for at least 10 years to get retirement payments, or what is the same, 40 work credits at 62.
Types of Social Security Benefits in 2024
In fact, there are 5 types of benefits the Administration can offer in 2024. Retirement, Disability Insurance, spousal, survivors, and SSI. The thing is Social Security does not fund SSI but Administers payment dates and applications.
To get retirement benefits you must file at the age of 62. Currently, the average payment retirees get is worth $1,915, up from $1,848 in 2023. If you cannot continue working because of a disability, you may qualify for SSDI.
Social Security Disability Insurance is for those who cannot work for over a year due to their condition or impairment. If you have not worked for the minimum required, you may also get some disability benefits if you have a low income.
SSI for Americans who cannot get Social Security
If you have a low income and cannot work because of a disability, you should apply for SSI. The Supplemental Security Income can give recipients up to $943 (single) or $1,415 married.
SSI is also for low-income seniors aged at least 65 or for blind people with little money. Besides, you could also get survivor benefits. For example, if your husband or wife dies, you could get Social Security on his or her record.
Children and some parents may also be eligible for Social Security survivor benefits. Spouses may also qualify for benefits even if they have never worked before said the Administration. Average payments for spouses are $911 for retirement and $418 for SSDI.