Los Angeles, CA – Reaching retirement age in the United States opens up the possibility of applying for Social Security benefits, a significant advantage for many Americans. However, certain groups may also qualify for this benefit before reaching the standard retirement age of 62, subject to meeting specific criteria related to work history.
Typically, individuals must wait until the age of 62 to start receiving Social Security benefits, with additional requirements tied to their work record. Upon approval of the benefit, recipients may expect to receive their first check in the following week. A particular group of eligible Americans is set to receive a new benefit, with a maximum Social Security payment of $4,873, benefiting a specific pool of recipients.
To qualify for this new payment, individuals must meet two main criteria. First, they must have applied for the benefit after 1997, specifically from May onward in the same year. Additionally, recipients must have a birthday falling between the 1st and 10th of the month to be eligible for the payment on March 13, 2024.
Meeting the minimum age and work requirements is essential to apply for retirement benefits through Social Security. Applicants must be at least 62 years old and have accumulated a total of 10 years of work to be eligible for the monthly benefit. Failure to meet these requirements may necessitate exploring alternative Social Security checks, such as Disability or Widow’s/Widower’s benefits, as opposed to the retirement benefit for workers.
In 2024, over 71 million Americans will benefit from a 3.2% increase in their Social Security and Supplemental Security Income payments, known as the Cost-of-Living Adjustment (COLA). This adjustment aims to help beneficiaries keep up with the rising cost of living and will result in an average increase of over $50 per month for Social Security retirement benefits beginning in January.
Eligibility for the COLA increase applies to individuals already receiving Social Security benefits or SSI payments, requiring no additional action from recipients to receive the increased payment. The automatic adjustment seeks to provide support to beneficiaries amidst escalating expenses, ensuring a modest boost in their monthly benefits.