For the millions of Americans on Social Security, trying to make ends meet is becoming a challenge as inflation takes a toll on the economy.
May inflation 8.6%, as the US Department of Labor prepares to release June numbers on July 13.
Yet inflation remains at a 40-year high.
If you are retired or planning to retire, now is the time to consider making the most of the benefits that you have paid out since you started working.
We share some ways to increase your profits.
supplemental Security Income
supplemental Security Income (SSI) is available to eligible senior citizens and costs $841 per month.
As a result of COLA, SSI is in payments An average of $34 increased to $621 . done one month. This equals $7,452 every year.
SSI is a federal program that provides monthly payments to adults and children who are disabled or blind whose income and resources are below specific financial limits.
SSI payments are also made to people who are 65 years of age and above and do not have disabilities who meet the financial qualifications.
People may be eligible to receive both SSI and Social Security.
full retirement age
If you wait until age 70 to start your benefits, the SSA will increase your benefit because you have earned the “Delayed Retirement Credit.”
retirement benefits Payouts are made until you die.
The age at which you start receiving your retirement benefits affects how much your monthly benefits will be.
You can start receiving Social Security retirement benefits as early as age 62, but it will reduce your benefits by 30 percent of what you’ll get if you wait until your retirement. Full retirement age.
If you wait until your full retirement age (66 for most people), you’ll get your full benefit.
If you haven’t worked or don’t have enough Social Security credits to qualify for yourself social security benefitsYou may be able to receive spouse’s benefits.
A retired employee’s spouse can receive up to half of his or her spouse’s benefit.
To qualify for spousal benefits, you must be either at least 62 years of age or of any age and caring for a child entitled to receive benefits on your spouse’s record and who is over 16 be underage or disabled.
If you choose to start receiving spouse’s benefits before you reach full retirement age, your benefit amount will be permanently reduced.
Spouse benefits continue until one spouse dies, after which the survivor may be eligible for survivor benefits.
When you die, your family members may be eligible for benefits based on your earnings.
You and your children may also be able to receive benefits if your deceased spouse or ex-spouse worked long enough under Social Security.
Widow or widower can get the benefit on attaining the age of 60 years or more.
They can start receiving your benefits if they are 50 or older and have a disability.
They can receive your benefits at any age if they are caring for a deceased child who is under 16 and is disabled.
Also, a one-time payment of $255 can only be made to one spouse or child if they meet certain requirements.
Survivors have to apply for this payment within two years from the date of death.
social security disability insurance (SSDI) program benefits you and your family if you have worked long enough and recently enough.
You must also have paid Social Security taxes on your earnings before you became disabled.
You must meet certain requirements as defined by the SSA, including disability that has lasted or is expected to last at least one year or that may result in death.
The benefit is for life until the SSA thinks you are no longer eligible.
benefits for children
When you qualify for Social Security disability benefits, your children may also be eligible to receive benefits on your record.
Your eligible child can be your biological child, adopted child or step-child.
A dependent grandchild may also qualify.
Benefits usually stop when children reach age 18 unless they become disabled.
If the child is still a full-time student in secondary or elementary school at age 18, benefits will continue until the child graduates or until two months after the child turns 19, whichever is earlier.
Benefits for Divorced Spouses
if you are divorcedEven if you remarried, your ex-spouse may qualify for benefits on your record.
To qualify on your record, your ex-spouse must have been married for at least 10 years.
They must be at least 62 years of age and unmarried.
Also, they may not be eligible for the same or higher benefits on their own Social Security record or someone else’s Social Security record.
The amount of benefits payable to your former spouse has no bearing on the amount of benefits to you or your current spouse.
we share Tips to deal with inflation
In addition, more on COLA Increase for Social Security Beneficiaries,