To be eligible for a retirement pension in the United States, you must have contributed to Social Security throughout your working life and met certain requirements, such as the annual number of credits. If you are one of the 68 million pensioners of the United States Social Security Administration (SSA), you should know that on Wednesday, July 3, payment will be made to a group of retirees. Discover who is eligible to receive it and the amounts, based on their retirement age.
In addition to the payment to the 7.5 million Supplemental Security Income (SSI) beneficiaries on Monday, July 1, 2024, the SSA must make payments to retirees, survivors, and Social Security Disability Insurance (SSDI) beneficiaries throughout the month.
According to SSA data as of December 31, 2023, nearly nine out of ten people age 65 and older receive a Social Security benefit.
WHO IS RESPONSIBLE FOR PAYING SOCIAL SECURITY ON JULY 3, 2024?
Based on the Social Security Administration’s schedule, the payment on Wednesday, July 3 is intended for those who retired before May 1997. Survivors and beneficiaries of Social Security Disability Insurance (SSDI) must also make deposits.
- 3rd of July: payment corresponds to those who retired before May 1997.
NOTE: The same payment date for retirees also applies to survivors and beneficiaries of Disability Insurance (SSDI).
2024 payment schedule (Photo: SSA)
HOW MUCH IS THE PAYMENT FOR RETIREES ON JULY 3, 2024?
While retirement pensions provide peace of mind, they do not fully replace income when a person reduces their hours or stops working altogether. The Social Security Administration explains, in this regard, that the value of deposits or checks varies significantly, since they are directly related to the retirement age and contributions throughout the working career. Below, you can find the amounts as of July 3, 2024, based on the time of retirement:
- The average pension payment for a retiree is US$1,907.
- People who retired early, at age 62, receive a maximum of US$2,710 per month.
- For those who retired at age 67, their monthly payment can be up to US$3,822.
- Those who delayed their retirement until age 70 can obtain a maximum monthly payment of up to US$4,873.
MORE INFORMATION ABOUT SOCIAL SECURITY
WHAT IS SOCIAL SECURITY?
Social Security is a broad social insurance program that provides financial benefits to eligible individuals, including retired workers, disabled people, and family members of deceased workers.
WHAT IS SSA?
The SSA (Social Security Administration) of the United States is a federal government agency responsible for administering social security programs in the United States.
WHAT ENTITY ADMINISTERS SOCIAL SECURITY?
Social Security in the United States is administered by the Social Security Administration (SSA), a federal agency of the United States government.
HOW ARE PAYMENTS MADE TO SSA BENEFICIARIES?
- Direct deposit into bank account: It is simple and safe. You only need to contact your bank or SSI to receive the payment.
- Direct Express Debit Card Program: Payments are deposited through the Direct Express card according to the schedule. To do this, you have to contact the Treasury Department at 1-800-333-1795 or register online.
HOW TO ACCESS SOCIAL SECURITY?
Accessing Social Security in the United States involves following a process that generally involves the following stages:
- Gather the necessary documentation: Gather all necessary documents, which may include your official identification, proof of address, registration forms, and evidence of employment or social security contributions.
- Determine eligibility: Make sure you meet the eligibility requirements specific to your country. These may include having a national identification number, being employed, or having contributed to the social security system for a certain period of time.
- Submit the application
- Wait for review and processing
- Receive the decision
UNTIL WHEN CAN I CLAIM THE CHILD TAX CREDIT?
Please note that even though tax filing ended on April 15, 2024, you still have to file or amend your return before October 1, 2024 so that you can receive the benefit in 2025.
CHILD TAX CREDIT REQUIREMENTS: WHO WILL RECEIVE UP TO $700?
According to the Solo Dinero portal, this loan was planned as fully repayable and the criteria are as follows:
- US$300 will be awarded for each child, up to a maximum of US$700
- Single parents earning US$50,000 and married parents earning up to US$75,000 will be eligible for this amount. If they are not the parents, guardians also apply.
- Validity will be for families with children under 12 years old.
HOW TO AVOID TAX CREDIT SCAMS WITH CHILDREN?
The IRS is warning everyone regarding scammers looking to take advantage of advance Child Tax Credit payments. These criminals may use these payments as an excuse to steal personal information and money. If you receive calls, emails, text messages, or social media communications requesting verification of personal information to receive these payments, be cautious. Remember, the IRS does not make these types of requests electronically.
Always verify the source of the information. The IRS does not initiate contact via email, text message, or social media to request personal or financial information. If you have any questions, please consult the IRS’s official website directly.
If you suspect that you have been the victim of a scam related to advance payments of the Child Tax Credit, report it to the IRS and consult its section on Reporting Scams and Online Scams for more details.
WHY DO ABOUT 70,000 PEOPLE LOSE SOCIAL SECURITY, SSI OR SSDI EVERY YEAR?
The Social Security Administration (SSA) of the United States is a key institution because it pays benefits to millions of affiliated citizens every month. However, there is a group of 70,000 people who usually miss these payments every year and do not know the reason behind this decision by the American social program. Could you be next? So, you need to know why this happens.
HOW TO RECEIVE A SOCIAL SECURITY CHECK ABROAD?
If you are a Social Security beneficiary but for various reasons you are in another country, either visiting or because you moved to another nation, you may be concerned regarding knowing how you can collect your monthly payment; well, I tell you that you will receive your retirement check anyway. You just have to Submit a request to collect payment from abroad. Don’t know how? You must follow a few simple steps.
THE 10 BEST STATES TO RETIRE IN THE UNITED STATES IN 2024
- Florida
- Colorado
- Virginia
- Delaware
- Wyoming
- Idaho
- New Hampshire
- Minnesota
- Montana
- Pennsylvania
WHAT ARE THE REASONS WHY YOU CAN LOSE SSI AND SSDI BENEFITS?
To continue to maintain the benefits of the programs of the Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI), you must follow certain rules of the SSA.
- Exceeding SSI resource limit: You will stop receiving SSI benefits if you exceed the income limits. Eligibility for the program depends on whether you earn US$1,971 or less per month
- Work activity with SSDI:If you work more than allowed, the SSA may think you are already able to work and suspend your SSDI benefits. AND THERE ARE OTHER CAUSES.
TEN US CITIES YOU SHOULD AVOID DUE TO HIGH TRANSPORTATION COSTS
For starters, financial costs in the United States have increased exponentially. In addition to rent and food expenses, transportation in the United States has also undergone significant changes. Do you want to know what they are?
US SOCIAL SECURITY DATA
- Retired workers: There are 50.1 million retirees who receive an average monthly payment of US$1,905; while their dependents number 2.6 million.
- Workers with disabilities: 7.4 million people who cannot work for health reasons receive an average of US$1,537 per month. Meanwhile, the dependents in this group number 1.1 million.
- Survivors: There are 5.8 million who receive an average monthly benefit of US$1,501.
6 WAYS TO MAKE EXTRA MONEY DURING RETIREMENT
Social Security benefits pay, on average, for 30% of a retiree’s expenses, so it is recommended to have additional income from investments made as part of a retirement plan. If you have not managed to save for your retirement, Learn six options to earn extra money during your retirementaccording to GOBankingRates.
1. Monetize your hobbies
- You might monetize your hobbies while still doing what you enjoy. For example, if you love writing, taking photos, or crafting, consider selling your work online or offering services in your community. You might also sell the plants you grow in your garden or baked goods made using your family’s special recipes.
If you like plants, you can sell them and earn extra money to have a better quality of life in retirement (Photo: Pexels/Cottonbro studio).
Social Security Payments for Retirees in the United States
To qualify for a retirement pension in the United States, you must have contributed to Social Security throughout your working life and met certain rules, such as the annual number of credits. If you are one of the 68 million pensioners of the United States Social Security Administration (SSA), you should know that on Wednesday, July 3, payment will be made to a group of retirees. Find out who is eligible to receive it and what the amounts are, according to their retirement age.
In addition to the payment to the 7.5 million Supplemental Security Income (SSI) beneficiaries on Monday, July 1, 2024, the SSA must make, throughout the month, payments to retirees, survivors, and Social Security Disability Insurance (SSDI) beneficiaries.
According to SSA data as of December 31, 2023, nearly nine out of ten people age 65 and older receive a Social Security benefit.
WHO IS RESPONSIBLE FOR PAYING SOCIAL SECURITY ON JULY 3, 2024?
According to the Social Security Administration’s schedule, the payment on Wednesday, July 3 is intended for those who retired before May 1997. Survivors and beneficiaries of Social Security Disability Insurance (SSDI) must also make deposits.
- 3rd of July: payment corresponds to those who retired before May 1997.
USE: The same payment date for retirees also applies to survivors and beneficiaries of Disability Insurance (SSDI).
2024 payment schedule (Photo: SSA)
HOW MUCH IS THE PAYMENT FOR RETIREES ON JULY 3, 2024?
While retirement pensions provide peace of mind, they do not fully replace income when a person reduces their hours or stops working altogether. Social Security Administration explains, in this regard, that the value of deposits or checks varies significantly, since they are directly related to the retirement age and contributions throughout the working career. Below, you can find the amounts as of July 3, 2024, according to the time of retirement:
- The average pension payment for a retiree is US$1,907.
- People who retired early, at age 62, receive a maximum of US$2,710 per month.
- For those who retired at age 67, their monthly payment can be up to US$3,822.
- Those who delayed their retirement until age 70 can obtain a Maximum monthly payment of up to US$4,873.
MORE INFORMATION ABOUT SOCIAL SECURITY
WHAT IS SOCIAL SECURITY?
Social Security is a broad social insurance program that provides financial benefits to eligible individuals, including retired workers, disabled people, and family members of deceased workers.
WHAT IS SSA?
The SSA (Social Security Administration) of the United States is a federal government agency responsible for administering social security programs in the United States.
WHAT ENTITY ADMINISTERS SOCIAL SECURITY?
Social Security in the United States is administered by the Social Security Administration (SSA), a federal agency of the United States government.
HOW ARE PAYMENTS MADE TO SSA BENEFICIARIES?
- Direct deposit into bank account: It is simple and safe. You only need to contact your bank or SSI to receive the payment.
- Direct Express Debit Card Program: It is done through the Direct Express card, where payments are deposited according to the schedule. To do this, you have to contact the Treasury Department at 1-800-333-1795 or register Web way.
HOW TO ACCESS SOCIAL SECURITY?
Accessing Social Security in the United States involves following a process that generally involves the following stages:
- Gather the necessary documentation: Gather all necessary documents, which may include your official
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