The Social Security Administration (SSA) recently announced that a new payment is being issued to eligible beneficiaries today. This update affects those who qualify for retirement, survivor, and disability insurance (RSDI). However, not everyone is eligible to receive this payment, and certain criteria must be met. Here’s a breakdown of who qualifies and what you need to know about these payments.
Eligibility Criteria
To be eligible for this new Social Security payment, beneficiaries must meet specific requirements. First, they should have claimed benefits after May 1997, and their birthdates should fall between the 11th and the 20th of the month.
Additionally, they must have reached full retirement age, have a reasonable work history, and contributed to the Social Security system during their working years. For those applying for Social Security Disability Insurance (SSDI) benefits, providing comprehensive medical records is also essential.
Check Your Accounts
Retirees, survivors, and those with disabilities who meet the criteria should check their bank accounts today for the new payment. The SSA allows for early retirement benefits starting at age 62, provided the individual has paid into the Social Security system for at least ten years.
However, retirees can also opt to receive benefits at the full retirement age of 67 or delay them until age 70. Delaying benefits until age 70 often results in higher monthly payments, which can be a significant financial advantage.
Dependent Benefits
In addition to personal benefits, spouses may also qualify for monthly benefits based on their spouse’s earnings record. This applies to divorced spouses as well, provided they were married for at least ten years and have not remarried. Dependent children of retired workers, particularly those who are disabled or students, can continue to receive benefits until age 18. However, for non-biological children, the maximum age for benefits is 16.
Payment Amounts
The amount you receive from Social Security can vary depending on when you start collecting benefits. Below is a summary of potential payment amounts based on SSA guidelines:
| Benefit Collection Age | Payment Amount |
|---|---|
| Before Full Retirement Age | Up to $2,710 |
| At Full Retirement Age | Up to $3,822 |
| Delayed Until Age 70 | Maximum payment of $4,873 |
For disability benefits, the criteria are stringent. Beneficiaries must prove they are disabled or blind and that their condition limits their ability to work for at least one year, or they face a risk of death. Additionally, they must have worked and paid Social Security taxes for at least five of the previous ten years, with some exceptions for younger individuals.
Disability Benefits
Survivor benefits and disability benefits are also part of the Social Security program. Here’s what the average payments look like:
| Social Security Payments | Survivor Benefits | Disability Benefits |
|---|---|---|
| Average Payment | $1,505 | $1,537 |
| Other Payments | $1,773 for Individuals | $2,590 for Blind Recipients |
| $3,653 for 2 Children | Maximum: $3,822 |
Remaining Payments
According to the SSA payment schedule, two more payments are due this month. The first payment will be sent on the fourth Wednesday, August 21st, to beneficiaries who claimed their Social Security check after May 1997 and were born between the 21st and the 31st of the month. The second payment, scheduled for August 30th, will be issued to Supplemental Security Income (SSI) recipients who meet specific income and resource requirements.
This latest Social Security payment update is a reminder for beneficiaries to stay on top of their eligibility and payment schedules. Whether you’re a retiree, a survivor, or someone with a disability, knowing when and how much you’re entitled to receive can help you manage your finances more effectively. If you’re unsure about your benefits or need more information, checking your “My Social Security Account” or referring to the official payment schedule can provide further clarity.
FAQs
Who is eligible for the new Social Security payment?
Beneficiaries born between the 11th and 20th and claimed benefits after May 1997.
When will I receive my Social Security payment?
Payments are made based on birthdate and the date benefits were claimed.
Can I receive benefits as a divorced spouse?
Yes, if married for at least ten years and not remarried.
What is the maximum Social Security payment?
Delaying benefits until age 70 could result in payments up to $4,873.
How do I qualify for disability benefits?
Prove disability, limited work ability for at least one year, and meet work history requirements.
