Social security will start sending payments in just 3 days to millions of Americans. However, not everyone gets the same amount money.
It is this way because Social security bases payments on various factors. Therefore, each worker may have different characteristics. For example, if you haven't worked for 35 years, your retirement check shrinks.
Another thing to consider is the age you are applying for Social security. Early filers will receive a significant discount. On the contrary, those who file at age 70 can benefit from receiving much more in retirement.
WHO CAN RECEIVE THE SOCIAL PAYMENT ON 2 FEBRUARY REGARDLESS OF THE AMOUNT?
According to the administration, some retirees may receive their February installment this week. Apparently you can only get this payment if you were on rretirement benefits before May 1997. But only them?
Social security confirms that there is another possibility to collect this monthly payment for pensioners. The second group of seniors who can receive their payment are those who also receive Supplemental Security Income.
The additional insurance income is SSI for most Americans. So if you receive SSI and retirement benefits, February 2nd will also be your pay day. SSI payments are due on February 1st, so you get 2 checks in 2 days.
Seniors on pension benefits who are aged 62 or over may qualify for one of the three following payments. The administration has scheduled payments for 14 February, 21and 28 as well.
WHO IS LIABLE FOR $3,822 IN FEBRUARY?
The Social Security Administration has set $3,822 as the maximum amount at full retirement age in 2024. However, very few seniors can receive such a large payment.
This is because you must meet all the requirements set by Social Security. For example, if you worked at a job not covered by the SSA, you are not eligible for any payments at all.
So working in jobs covered by Social Security is a must. Payment of Social Security taxes is mandatory to receive retirement benefits. You must also file at full retirement age.
Filing before then will reduce your check. The last thing you need to do is earn the taxable maximum in 35 years. It's something really challenging. But if you work really hard for your goal, you can achieve it and succeed. Raising $3822 could be great!