Government Announces a New Social Security Benefit within Days

One of the many perks of attaining retirement age in the United States is the ability to apply for Social Security retirement benefits.

A new benefit, with a maximum Social Security payment of $4,873, will be provided to a limited number of qualified Americans.

There is no minimum age requirement to apply for this check, but the recipient must wait until he or she is 62 to receive it.

Like every other program that provides benefits, this program also has a few criteria that one must meet to obtain these benefits, such as work history. If applied and accepted, one can receive the benefit the next week.

Let’s talk about it in detail!

Who can get this new Social Security Payment?

The next Social Security retirement benefit is due on March 13, 2024. However, two requirements must be fulfilled to get this new check.

This payment will be provided in the bank accounts of the people who meet the two criteria: They must have had the benefit since after 1997.

The second requirement is to have a precise birthday in addition to receiving our Social Security benefits since May 1997.

One of these prerequisites is dependent on the retiree’s birthday, and the other is based on the beneficiary’s retirement year.

The first requirement is that the retiree’s birthday must fall between the first and the tenth of any given month, and the second requirement is that the retiree must have applied for the benefit after 1997.

Therefore, on March 13, 2024, if you satisfy these two conditions, the government will issue your Social Security benefit.

What are the Minimum retirement age requirements?

We must fulfill several requirements before we can apply for the age retirement payment. It is only feasible for us to receive this monthly check with those prerequisites.

If we meet the conditions, we could also apply for another Social Security check, such as the widow’s or widower’s or disability check.

The two requirements are to be 62 years old and have worked for at least 10 years.

If you fulfill these two conditions, you can retire to receive the Social Security benefit, although the payout might not be large.

The years of work will also determine the amount you will receive as a Social Security benefit.

The later you apply for retirement, the larger the sum you will receive.

What are the eligibility criteria for the new Social Security payment?

People who now receive Social Security benefits or SSI payments are generally eligible for the new Social Security payment, specifically this COLA increase.

The Cost-of-Living Adjustment (COLA) is an adjustment intended to assist beneficiaries in keeping up with growing costs.

Beneficiaries do not need to take any further action to receive the raised payout because the COLA is an automatic adjustment.

Social Security benefits and Supplemental Security Income (SSI) payments for over 71 million Americans will rise by 3.2% in 2024.

From January onward, the adjustment will increase Social Security retirement payments by an average of more than $50 per month.