Check to see if you qualify for this $5,000 payout. For many retirees, each month brings a new Social Security payment from the Social Security Administration (SSA). Of the approximate 70 million beneficiaries who receive payments from the SSA, the majority of these are retirees, while the remaining beneficiaries are made up of those who receive Supplemental Security Income (SSI) payments as well as Disability payments. Depending on which of these funds you receive a payment from and other contributing factors will determine your benefit amount.
Difference between SSA payouts
The SSA Retirement payments are one of the most utilized retirement plans by beneficiaries, with many retirees relying solely on these payments as their income source in their retirement. In order to qualify to receive retirement benefits, the following base critiera need to be met:
- Be at least 62 years old
- You have made contributions towards your Social Security for at least ten years (the equivalent of achieving at least 40 credits from the SSA)
If you meet this subminimum criteria, you will be able to claim Retirement benefits from the SSA. On top of retirement benefits, the SSA also supports individuals with the following funds: SSI and Disability. SSI is reserved specifically for those beneficiaries who have access to very little to no income or resources. Disability, on the other hand, is strictly for those beneficiaries who are unable to work and earn an income due to having a physical disability.
Who qualifies for the SSA $5,000 payout in two days?
The general payment schedule for beneficiaries of Retirement and Disability benefits is as follows:
- The second Wednesday of the month: Birth dates between the first and the 10th of the month.
- The third Wednesday of the month: Birth dates between the 11th and 20th of the month.
- The fourth Wednesday of the month: Birth dates between the 21st and 31st of the month.
SSI benefits, on the other hand, are always paid out on the first of the month. If you receive both SSI and Retirement benefits, your retirement benefits will be paid on the third of the month instead of following the general schedule. According to the Social Security payment schedule, in two days, if you are not an SSI beneficiary, those who have a birthdate between the 21st and 31st of the month are set to receive their benefits.
Of these Retirement beneficiaries, some qualify to receive the maximum Social Security payment worth $5,108. However, in order to qualify to receive the maximum payment, additional qualifying critiera need to be met, namely that you must have paid the maximum contributions possible towards your SSA benefits for 35 years and you must have waited until you were 70 years old to claim your benefits.
Changes coming soon for the SSA
Next month, all SSA beneficiaries can expect to see their monthly payments raised by the SSA thanks to the new cost-of-living adjustment (COLA) statistic. Each year, SSA benefits are raised according to the new COLA statistic in order to ensure that beneficiaries’ payments continue to hold the same buying power despite rising inflation rates. The new COLA is scheduled to be announced on October 15.
Other changes soon to come beneficiaries’ way are the eradication of paper Social Security checks by the end of this month. From next month, Social Security payments will only be sent to their by direct deposit. However, the SSA has made room for exceptions to this rule, with certain beneficiaries still allowed to receive paper checks. However, these will also be assessed on a case-by-case basis, and you must contact the SSA directly to ensure that you can continue to receive your paper check.
Disclaimer: This content is informational only and does not supersede or replace the SSA’s or IRS’s own publications and notices. Always verify any specific dates and amounts by following the direct links in our article to SSA.gov or IRS.gov, or by consulting your local SSA field office or tax professional.
