IRS Social Security Benefits July 2024- Know Eligibility & Benefits Types

Whether you are a retired senior or have any disability, the Social Security Administration (SSA) makes sure that no citizen has to suffer a financial hardship due to high inflation and cost of living. Each month, the eligible citizens including retirees, disabled and survivors and the veterans who served the country during their military service receive a monthly aid in the form of social security benefits via SSA. These monthly pensions are provided under the Supplemental Social Income (SSI), Social Security Disability Insurance (SSDI) and Veterans’ Affairs (VA) benefits. You can check your eligibility criteria in order to claim the payment via SSA.

Nevertheless, there are certain factors that may determine the average payment you are eligible to receive. For instance, your income might play a key role to be able to get the maximum social security payment. The higher you will earn, the higher your income will be. In addition to it, the year you opt to retire may also affect your average monthly income. On continuing to this post, you can come by understanding the social security, its benefits and how can you qualify for the eligibility criteria. Continue reading this post, so that you cannot miss any updates.

What are IRS Social Security Benefits 2024?

  • Originally implemented by the then President Franklin Roosevelt in 1935, the social security is one of the major sources of income for millions of citizens in United States of America. The Federal Insurance Contribution Act (FICA) and Self-Employed Contribution Act (SECA) are responsible to fund the social security program. Under these programs, workers and self-employed citizens are allowed to contribute a portion of their income to the social security respectively. An employee has to earn credits during their employment years and one credit can be earned for every $1,730 earning in 2024 which was $1,640 in 2023. To get the maximum social security income, a recipient is required to work for 40 years during their employment period. The minimum work credits required to be eligible for the social security payment is 40 which equals to minimum 10 years of employment.
  • As of 2024, an eligible individual receives an average payment of $943 and a married couple who are filing jointly is eligible to receive a monthly aid of $1,415 as per 3.2% COLA increase. In addition to it, the SSA also issues a disability insurance worth $1,537 on qualifying the eligibility criteria and a payment of $472 to each eligible essential person. As discussed previously, the age you opt to retire may impact your average social security pension. For instance, if you retire at 62, then your monthly income will be reduced as compared to those who are retiring at full retirement age (FRA) which is considered as 66. Apart from it, an individual working in his/her FRA, then they are eligible to get 8% increment in their social security benefits each year till they turn 70.

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Social Security Benefits 2024 Quick Details

Post title Social Security Benefits
Country The USA
Department Social Security Administration
Category Government aid
Beneficiaries Retirees, disabled and survivors
Year 2024
Official website www.ssa.gov

IRS Social Security Benefits July 2024- Know Eligibility & Benefits Types

Types of Social Security Benefits in 2024

The SSA is responsible to provide the following benefits:

  • Retirement: The SSA issues a monthly income as part of your social security when you stop working at certain age in your retirement. However, the age you choose to retire will play a key role in determining your average monthly payments. You can retire earliest at 62 but your income will be reduced. At 62, you are eligible to claim $2,710 but if you retire at your FRA, then you are eligible to get $3,822. Apart from it, individuals working in their post-retirement age are eligible to receive the maximum social security income of $4,873 in 2024.
  • Disability: The SSDI provided monthly disability and Medicare benefits to the citizens who have suffered a disability that restricts them to work for an income. Your working history prior to disability will determine your average monthly payment. If you wish to return to work after your recovery, then you can still receive the disability benefits. To be eligible, a person will have to provide a proof of the disability which must be signed by a healthcare professional.
  • Medicare: The Medicare is a health insurance program in the US provided to the citizens who are 65 years old or above. Citizens under 65 years of age having a disability or kidney failure are also eligible for Medicare.
  • Survivors: A person can qualify for the survivor’s benefits if his/her spouse, divorced spouse, child or dependent parent of someone who worked and paid social security tax before their demise. Depending on the work history of the deceased, you can get a monthly payment and Medicare on qualifying the eligibility requirements.
  • Supplemental Social Income: The SSI benefits are provided to the adults and disabled citizens who have low-income or no-income, disability or blindness. In addition to SSI, you can also claim benefits from certain programs such as Supplemental Nutrition Assistance Program (SNAP) and Medicaid.

Who is Eligible for the Social Security Benefits?

To be able to benefit via social security monthly income in your retirement or due to any disability, you must be aware of the eligibility requirements set by the SSA. You can check the general eligibility criteria in the following points:

  • At first, a person must be citizen and a permanent resident of the United States of America.
  • As per the American retirement age criteria, a person must be at least 62 years old or above in order to be eligible.
  • If you have any disability, then the SSA will ask for the disability proof which must be signed by a healthcare professional.
  • Your income must not exceed the threshold income.
  • A person must have a Social Security Number (SSN).
  • A person must have minimum 40 work credits to be eligible for the social security benefits.

The monthly payment will be out as per the announced schedule by the department. You can apply for the social security by visiting the official website of the Social Security Administration.

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