The rounds of Social Security payments that follow on the SSA calendar are for those retired and disabled beneficiaries who have birthdays between the 21st and the 31st of any month.
The value of up to $4,873 is the maximum payable in 2024 is for a select group of beneficiaries: they are those who claimed their benefits from the age of 70, contributed at least 35 full years and had high income to make the maximum contributions allowed by the Social Security Administration (SSA).
However, there are other values that retirees can receive: in fact, benefits can be claimed from the age of 62, and these people (who fulfilled the same high contributions) can receive a monthly check of up to $2,710, at most.
Remember that Social Security benefits are a personal estimate, and there is no rigid table of values, but each individual has their own number in their work history and SSA tax payment.
The Various Benefits Provided by the Social Security Administration
The Social Security Administration, has been in existence since August 14, 1935 (look, it was just on its anniversary a few days ago) and is in charge of a series of benefits and financial allocations for retired populations who paid their Social Security taxes correctly during their working life
But, also for those people of working age who have suffered a disability (which is expected to last at least a year or that will end at death), and for retirees who need a little extra push, through Supplemental Security Income (SSI).
Below we make a small review of these mentioned benefits.
Social Security Retirement Benefits
These benefits are intended for people who have worked and contributed to the Social Security system during their working life. Upon retirement, they may receive monthly payments based on their income history.
To qualify, a person must have worked for at least 10 years (40 credits) and have reached the minimum retirement age, which can vary between 62 and 70 years.
Disability Insurance Benefits (SSDI)
These benefits are aimed at people who are unable to work due to a disability that is expected to last at least a year or result in death. SSDI provides financial support to those who have worked and paid Social Security taxes before becoming disabled.
To be eligible, the person must have accumulated enough work credits based on their age at the time of disability, and their condition must meet the definition of disability established by the SSA.
Supplemental Security Income (SSI)
SSI offers financial assistance to people over the age of 65, blind or disabled with limited income and resources. Unlike SSDI, SSI benefits do not depend on work history, but on financial need.
Applicants must have limited income and resources, and meet the age or disability criteria. Income requirements vary depending on the applicant’s state and personal situation.
Benefits for Family Members and Survivors
The SSA also offers benefits to family members of deceased workers or retirees. This includes spouses, minor or disabled children, and in some cases, dependent parents.
Eligibility for these benefits depends on the worker’s employment history, family relationship, and in some cases, the relative’s age or disability.