60 million Americans are expecting to receive their Social Security benefits but you should be aware of the different types of social security benefits that you could be eligible for.
Four FAQs You Need To Know Before Receiving Social Security Benefits (PHOTO: AARP)
Social Security Benefits
The average payments for millions of retirees are worth $1,657 to receive this 2023. However, there are several different types of social security benefits that could get.
The 4 Types Of Social Security Benefits
- Retirement benefits
Retirement benefits can be available for Americans that are at least 62 and have worked and paid into the system for at least 10 years, GoBankingRate reveals. The benefits to receive will vary the recipients’ workers’ contributions and their pre-retirement earnings.
Although, retirement income isn’t supposed to be the main source of income for seniors. Americans may be eligible for more retirement benefits when they turn 65 or 67. Retirees are encouraged to use the Social Security Administration’s calculator to check the amount they are likely to receive.
- Disability benefits
Those disabled Americans that are unable to work are also entitled to get benefits.
- Survivor benefits
Divorced spouses, Widows, and widowers could be entitled to claim survivor benefits. The amount beneficiaries receive depends on the worker’s age when they die, their salary, and the ages of their survivors.
- Supplemental Security Income benefits (SSI)
Supplemental Security Income benefits (SSI) are available to those who cannot earn sufficient wages. kids with disabilities, Disabled adults, and seniors 65 or over are eligible to apply for the benefit. Their sources of income determine the amount that is handed out when benefits are distributed
Moreover, millions of seniors are set to receive their January social security payment today.
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