For millions of Americans and lawful permanent residents who satisfy the qualifications to be eligible for Social Security, another payment is being sent this week.
For retirees and surviving family members, it is the final month that the Social Security Administration (SSA) distributes these scheduled payouts.
In general, in order to be eligible for Social Security retirement benefits in the United States, you must have earned enough work credits—which are calculated as the total amount of money earned during a specific time period—and have worked and paid taxes on that income for at least 35 years.
In only a few hours, Social Security will be paid again
Retirees whose birthdays fall between the eleventh and twentieth of each month will get their final payout on Wednesday, December 18. Notably, the aforementioned payment is not the final one scheduled to be made in December.
Benefit payments for those whose birthdays fall after this date will be made on December 24, right before Christmas. As for pensioners, their benefits should have been made on December 11 if their birthday falls between the first and the tenth of the month.
December also marks the end of the year when the 2024 cost of living adjustment (COLA) yields the most advantages.
The maximum reward for employees who retired at full retirement age (FRA) is $3,822, while the highest benefit for employees who postponed retirement until age 70 is $4,873.
On the other end of the spectrum, people who choose to take their retirement benefits early can anticipate receiving little more than $2,710 per month. Keep in mind that every situation is unique and that a number of factors influence the ultimate amount you can aim for.
Can I receive both SSI and Social Security benefits simultaneously?
Thousands of Americans constantly ask themselves this question. Yes, you can apply and get both advantages simultaneously, but there are a few things to think about.
In general, SSI is available to Social Security recipients who satisfy certain income requirements. However, since Social Security benefits are taken into account when determining SSI eligibility and amount, they may lower the amount received through SSI.
It’s critical to realize that SSI is intended to assist those with limited resources and incomes.
The Social Security Administration will assess your overall income to establish your eligibility for SSI if you receive Social Security benefits, such as retirement or disability. You might not be eligible for SSI or your benefit amount might be lowered if your total income surpasses specific thresholds.
The greatest amount of SSI that an individual beneficiary can receive by fulfilling the basic conditions is $943, and a beneficiary who has a spouse can anticipate receiving up to $1,415.
The limit is $484 for an essential support person. The cost of living increase (COLA), which will be 2.5%, will raise all of these payments starting in January 2025.
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