One of the great advantages of reaching the golden age in the United States is the possibility of applying for Social Security retirement benefits. Even so, it is true that other groups of Americans can also apply for this check without the need to reach a minimum age.
But the usual thing in these cases is to have to wait until 62 years of age to be able to get the check. Similarly, we also need to meet other requirements related to our work history.
In the event that we already have the benefit accepted, we could get the check in the next week. A group of Americans will get a new benefit with a maximum Social Security payment of $4,873. This payment will only be for a specific group of eligible Americans.
Who gets the new Social Security payment?
This new payment will appear in the bank account of those Americans who meet two requirements. The first requirement on the list is to have had the benefit since after 1997. Specifically, it is necessary to have applied for the check from May onwards of this year.
On the other hand, in addition to having the Social Security payment since after May 1997 we also need to have a birthday on exact days. These days are from the 1st to the 10th, both days included.
So if you meet these two requirements, the government will send you your Social Security benefit on the 13th day of March 2024. If you do not meet them, the payment of your benefit will be made on a different day, depending on the group to which you belong.
Minimum retirement age requirements
In order to apply for the age retirement payment we need to meet several conditions. Without those requirements, it is impossible for us to collect this monthly check. We could apply for another Social Security check such as the Disability check, if we meet its requirements, or the Widow’s or Widower’s check. But not the worker’s retirement check.
The two requirements are:
- Be at least 62 years old.
- To have worked a total of 10 years.
If we meet these two requirements we will be able to retire, but it is possible that our check will be very small. In order to get a good Social Security payment, we must work for as many years as possible. Also, the later we apply for retirement, the larger our monthly benefit will be.
Who is eligible for the new Social Security payment?
In 2024, more than 71 million Americans will see a 3.2% increase in their Social Security benefits and Supplemental Security Income (SSI) payments. This increase, known as the Cost-of-Living Adjustment (COLA), is designed to help beneficiaries keep up with rising expenses. The adjustment will result in an average increase of over $50 per month for Social Security retirement benefits starting in January.
Eligibility for the new Social Security payment, specifically this COLA increase, applies broadly to those who are already receiving Social Security benefits or SSI payments. The COLA is an automatic adjustment that does not require any additional action from beneficiaries to receive the increased payment.