This week, one more payment arrives for millions of Americans and legal permanent residents who meet the requirements to be Social Security beneficiaries. It is the last month in which the Social Security Administration (SSA) sends these phased payments that are distributed to retirees and surviving family members.
In general, to receive Social Security retirement benefits in the United States, you must have worked and paid taxes on that income for at least 35 years and have accumulated enough work credits, which represent an amount of money earned over a certain period of time.
The next Social Security payment is in a matter of hours
Wednesday, December 18, will be the date of the last check for retirees whose birthdays fall between the 11th and 20th of each month. It should be noted that the payment mentioned is not the last one that will be issued in December.
Those with birthdays after this date will receive their benefits on December 24, just before Christmas. For their part, retirees who have their birthday between the 1st and the 10th of the month should have already received their payments on December 11.
December is also the last month of the year in which maximum benefits are reached by the 2024 cost of living adjustment (COLA). The maximum benefit for workers who retired at full retirement age (FRA) is $3,822, while workers Those who delayed their retirement age until age 70 can expect a maximum of $4,873.
At the other extreme, those who decided to claim their retirement payments early can expect a maximum of no more than $2,710 a month. Remember that all cases are individual and there are several variables that affect the final amount you can aspire to.
Can I claim Social Security and SSI at the same time?
This is a question that thousands of Americans ask themselves all the time. And the answer is yes, you can apply and receive both benefits at the same time, but there are some factors to consider.
Generally, Social Security beneficiaries who meet limited income requirements can qualify for SSI. However, Social Security payments can reduce the amount received through SSI, since Social Security benefits are considered income when calculating SSI eligibility and amount.
It is important to understand that SSI is designed to help people with low incomes and resources. If you receive Social Security benefits, such as retirement or disability, the SSA will evaluate your total income to determine your eligibility for SSI. If your combined income exceeds certain limits, you may not qualify for SSI or your benefit amount may be reduced.
By meeting the minimum requirements, the maximum amount of SSI that an individual beneficiary can claim is $943, while a beneficiary with a spouse can expect a maximum of $1,415. For an essential support person, the maximum is $484. All these amounts will be increased from January 2025, with the cost of living increase (COLA) that will be 2.5%.