Millions of citizens rely on Social Security payments, which are made monthly to those who meet certain eligibility criteria. These payments help individuals cope with the economic challenges they face and cover basic living expenses.
Who Can Claim Social Security Benefits?
Social Security benefits are available to the following groups:
Retirees: Individuals who have worked and paid Social Security taxes during their careers.
People with Disabilities: Those unable to work due to a disability.
Family Members: Payments may be extended to family members of retirees, people with disabilities, or deceased workers.
What Are the Social Security Payment Dates?
The payment dates for Social Security depend on the beneficiary’s date of birth:
Born from the 1st to the 10th of the month: Payments are made on the second Wednesday of each month.
Born from the 11th to the 20th of the month: Payments are made on the third Wednesday of each month.
Born from the 21st to the 31st of the month: Payments are made on the fourth Wednesday of each month.
How Early Can Social Security Benefits Be Claimed?
While Social Security benefits can be claimed as early as age 62, starting benefits at this age results in a significant reduction. If you begin receiving benefits at 62, they can be reduced by up to 70% compared to the amount you would receive if you waited until your full retirement age.
When Should You Claim Social Security Benefits?
To maximize the amount you receive, it’s typically recommended to wait until the latest possible age to claim benefits, which can increase your monthly payments significantly. The longer you wait, the higher your benefit.
