One of the many benefits of reaching retirement age in the United States is the ability to apply for Social Security retirement benefits.
A new benefit, with a maximum Social Security payment of $4,873, will be provided to a limited number of qualified Americans.
There is no minimum age to request this check, but the beneficiary must wait until they are 62 years old to receive it.
Like any other program offering benefits, this program also has some criteria that one must meet to obtain these benefits, such as work history. If the request is applied and accepted, the person can receive the benefit the following week.
Let’s talk about it in detail!
Who can benefit from this new social security payment?
The following Social Security the retirement benefit is due on March 13, 2024. Two conditions must, however, be met to obtain this new check.
This payment will be made to the bank accounts of people who meet the two criteria: They must have benefited from the allowance since after 1997.
The second condition is to have a precise date of birth in addition to benefiting from our Social Security benefits since May 1997.
One of these conditions depends on the retiree’s birthday and the other on the beneficiary’s retirement year.
The first condition is that the retiree’s birthday must fall between the first and the tenth of a given month, and the second condition is that the retiree must have applied for the benefit after 1997.
So, on March 13, 2024, if you meet these two conditions, the government will issue you your Social Security benefit.
What are the minimum retirement age requirements?
We must meet several conditions before we can apply for old age benefit. It is only possible for us to receive this monthly check with these prerequisites.
If we qualify, we could also apply for another Social Security check, such as the widow’s or disability check.
The two conditions are to be 62 years old and to have worked for at least 10 years.
If you meet both of these requirements, you can retire for Social Security benefits, although the payout may not be large.
Years of work will also determine how much you receive in Social Security benefits.
The later you apply for retirement, the greater the amount you will receive.
What are the eligibility criteria for the new Social Security payment?
People who now receive Social Security benefits or SSI payments are generally eligible for the new Social Security payment, particularly this COLA increase.
The Cost of Living Adjustment (COLA) is an adjustment intended to help beneficiaries cope with increased costs.
Beneficiaries do not need to take any further action to receive the increased payment because the COLA is an automatic adjustment.
Social Security benefits and Supplemental Security Income (SSI) payments for more than 71 million Americans will increase by 3.2% in 2024.
Starting in January, the adjustment will increase Social Security retirement payments by more than $50 per month on average.
Subscribe to email updates: