If you are one of the millions of United States citizens waiting for your benefit, you will soon have it. The Social Security Administration will begin mailing benefits next week. It all depends on your date of birth. If you were born between the 1st and 10th of the month, in just a few days you will be able to count on your subsidy money. To be more precise, next Februrary 8th you will have the money sent by the Social Security in your bank account.
In any case, don’t worry if you were not born between those days. In addition to this date, there are other dates to receive the money from the Social Security. You can receive it both on the 21st and on the 28th. As with the payment on the 12th, each day the benefit check is sent to a different group of people.
Both age and disability retirees can collect this new check that will arrive very soon to American homes. Those over 60 years of age can collect it from the age of 62, since this is the regular minimum age to apply for this type of benefit. However, it is possible to collect the retirement check before the age of 60 if certain conditions are met.
Social Security for 1st-10th borns
Therefore, we can conclude that the Social Security Administration divides the payment of benefits into 3 groups. These groups are made up of beneficiaries born between the 1st-10th, those born between the 11th-20th, and those whose birthday is between the 21st-31st. It does not matter which group you were born into, as you will receive your check on a monthly basis without any problems.
Also, the date on which you will receive your Social Security money will change based on that date of birth. Therefore, the first group will receive their check on the second Wednesday of the month. On the other hand, the second group will receive their money on the third Wednesday of the month. The third and last group will receive their Social Security check on the fourth Wednesday of the month.
The COLA Stimulus
Effective with the first of the 2023 payments, COLA increased checks by 8.7%. This means that benefits can now go as high as $4,558 maximum. However, in order to reach that large figure, it is necessary to have done a very good retirement plan well in advance.
Regardless, any Social Security check has the COLA increase. Therefore, all users see the benefit of this increase in monthly checks. It doesn’t matter what amount of money you receive every month. The COLA makes the benefit money go up just the same.
What do I have to do to receive the COLA on my Social Security checks?
The Social Security Administration began making payments on the first of the 2023 checks with the extra COLA amount. Retirees do not have to do anything to receive this extra money every month. The COLA is added directly without the need for any extra processing.
So when you receive your next Social Security check it will have the COLA added to it. So you will be able to enjoy 8.7% more than what the SSA was paying last year to United States retirees.
How to collect Social Security before the age of 62?
Within the age-based retirees there are many different groups. The minimum age for retirement by age is 62, but this changes as soon as we apply for retirement for other reasons. We can also have a disability, widow’s or widower’s pension or even an orphan’s pension.
In the case of a disability pension, the requirements are totally different in terms of years worked. That is why we must take this type of details into account when applying for our retirement.
Therefore, in short, we can say that yes, it is possible to collect Social Security before reaching the age of 62. Moreover, even children can collect it if certain conditions are met.