What are the Social Security
Social Security is essential for many elderly people and yet not every elderly person in America is eligible for Social Security payments. For one to qualify for Social Security benefits in December 2024, the federal government has laid down some conditions that are supposed to be met by the Social Security Administration (SSA). Its weekly payment could be adjusted depending on the workers’ work history and wages and was $1,927 on average in December.
Age and Work History
Eligibility to claim Social Security retirement benefits is only possible when you are at least 62 years of age. But it’s not enough to be of retirement age; you must also have been gainfully employed and contributing to payroll taxes for several years. In case, you have worked in another country or aimed for some governmental posts your case may vary.
To become eligible for the benefits, the main need is to gain 40 work credits, which are roughly equivalent to 10-years work. Your credits are earned based on your annual earnings, and if you need to know how many credits you have earned, you can view it through ‘My Social Security’.
Application for Benefits and Payment Period
After you become qualified for applying benefits, it is possible to do that. The SSA will look at your case and once you have been accepted, the payment will be arranged for you. In the particular, for December 2024, it will be the 3rd, 11th, 18th and 24th as per the birthday of the beneficiaries.
If you were born in the first decile of the month then you will be receiving your payment on the 11th of December. Payments for those born between the 11 and the 20 shall be made on December 18 while those born between the 21 and 31 will receive their payments on 24 December.
Effect of Filing Age of Social Security
Applying for Social Security benefits before you attain the age of 62 will lower the overall amount of money you will be paid per month. Some select to file early even though waiting until the maximum age will be rewarded with a greater check amount.
This December, millions of seniors will receive an average of $1,927 under current policy with a 2.5% COLA beginning January 2025.
