The Social Security Administration, SSA, generates millions of Social Security payments to retirees and people with disabilities across the country so that they can have enough money to cover their living expenses and keep up with inflation.
To be eligible for these Social Security payments, retirees and people with disabilities must first meet certain requirements, such as reaching full retirement age, demonstrating sufficient work history, contributing to the system while working, and providing medical proof, particularly for those seeking Social Security Disability Insurance, also known as SSDI benefits.
To provide extra payments to more than 71 million Americans, the SSA made an official payment schedule so that all beneficiaries were insured and got their benefits on time. According to this calendar, retirees and disabled people are going to receive a new paycheck this week.
Which Americans Will Receive the Next Social Security Payments?
Workers who have been contributing to the Social Security system for at least ten years at the age of 62 are entitled to early retirement benefits, but they can also apply for these benefits at age 67, which is the full retirement age, or wait to apply for benefits until age 70.
Waiting to apply for benefits until age 70 makes retirees and disabled people more likely to get higher Social Security payments. In addition to this, spouses may qualify for benefits based on their own or their partner’s income history.
If a divorced spouse was married for at least ten years and is currently unmarried, he or she may be a beneficiary based on the income history of his or her former spouse. Children of retired workers who are students or disabled can continue to receive benefits until the age of 18, with an age limit of 16 if they are caring for a child who is not their own.
- At age 62 or before full retirement age: These retirees could receive up to $2,710 per month.
- At full retirement age 67: These retirees could receive up to $3,822 per month
- At age 70 or for those who have delayed applying for benefits: These retirees could receive up to $4,873 per month.
On the other hand, in order to access disability benefits, beneficiaries first have to prove that they are disabled or blind and have a sufficient work history.
Additionally, to qualify for disability benefits, you must have a disability that affects your ability to work for a year or more, or you must be at risk for your life. Moreover, your condition must minimize your income above a certain amount called substantial gainful activity (SGA), which is $1,550 per month in the year 2024, or $2,590 if you have blindness.
In addition, to be eligible for disability, you must have worked for at least five of the previous ten years. If you are under the age of 24, you may not need to have worked that long. To find out if you have worked hard enough to qualify, you can log into your Social Security online account and check under “More Benefits.”
Checks Between $1,537 and $4,873 Will Be Delivered This Week
On August 14, the SSA will be sending a new round of Social Security payments ranging from $1,537 to $4,873 for retirees and workers with disabilities who were born between 1 and 10.
According to the Social Security payment schedule, only these beneficiaries will receive their payment on the second Wednesday of the month. In addition, to be eligible for this payment, these beneficiaries would have to have applied for their benefits after May 1997.
Understand a Little More About the Payment Schedule
Supplemental Security Income (SSI) Benefits: The first beneficiaries to receive their Social Security payment are SSI beneficiaries, who always receive their checks on the first of the month, unless the payment date is on a holiday or weekend.
Retirement, Survivors and Disability Insurance (RSDI): Retirees, survivors and disabled workers who qualify for this program receive their payment in two phases:
- The third day of the month: for all beneficiaries who began receiving Social Security payments before the month of May 1997, regardless of their age.
- The second Wednesday: For beneficiaries who started receiving Social Security payments after May 1997 and were born between 1.º and the 10.of any month in 1997.
- The third Wednesday: For beneficiaries who began receiving Social Security payments after May 1997 and were born between the 11th.º and the 20th.of any month in 1997.
- The Fourth Wednesday: For recipients who began receiving Social Security payments after May 1997 and were born between the 21st and the 31st of any month.