Millions of citizens rely on Social Security payments, which are made monthly to people who meet certain requirements in order to help them cope with the country’s economic situation and afford basic services.
There are various age ranges in which Social Security benefits can be claimed; however, each stage has advantages and disadvantages, as it is recommended to claim benefits at the final age range in order to receive a larger sum of money.
Each citizen can decide between the minimum and maximum age to receive payments, but if it is done too early, the benefits can be greatly reduced.
Who is eligible for Social Security benefits?
Retirees: People who have worked and paid Social Security taxes during their working years.
People with disabilities: Those who suffer from a disability that prevents them from working.
Family members of beneficiaries: Payments can also be extended to certain family members of a retired, disabled or deceased worker.
What are the Social Security payment dates?
Social Security payment dates depend on the beneficiary’s date of birth, so they would be as follows:
Born from the 1st to the 10th of the month: Payment is sent on the second Wednesday of each month.
Born from the 11th to the 20th of the month: Payment is sent on the third Wednesday of each month.
Born from the 21st to the 31st of the month: Payment is sent on the fourth Wednesday of each month.
By how much can Social Security deposits be reduced if received at age 62?
If you start receiving benefits at the minimum age of 62, benefits can be reduced by 70%.
