Social security benefits for the disabled and elderly are provided.
Social Security Disability Insurance (SSDI) and retirement benefits have the same payout date, so it’s possible to receive money on the same day, but the requirements and amounts are quite different.
For example, to receive a Social Security pension, you must apply after age 62. You must also have worked for at least 10 years. Ideally, you should have worked for at least 35 years to avoid having your benefits reduced. For SSDI, you must have a qualifying disability and have worked the required number of years.
Social Security and Eligibility in 2 Days
Whether you receive SSDI or retirement benefits, the government will check that you meet birthdate requirements. For example, if you were born between the 1st and 10th, you could be paid on July 10th.
Remember, the remaining payments only apply to people who are not receiving SSI and did not receive payments before May 1997. Retirees and disability insurance recipients with birthdays between the 11th and 20th will get their money on July 17th.
Beneficiaries born between the 21st and the 31st will receive their benefits on the 24th, meaning they will be the last retirees and disability beneficiaries to receive benefits from Social Security in July.
SSDI and Social Security Retirement Benefits
Just to let you know, the amount of your Social Security check or direct deposit varies from recipient to recipient. That means there is no common amount for all recipients. The only common amount is the average payment.
The average SSDI payment is $1,537. Even though a disability recipient can receive up to $3,822 from Social Security, it is very hard to get. Being disabled means a worker cannot work and pay the taxes required by the government.
The maximum retirement benefit is $4,873. But the average retirement benefit is $1,916. Though it continues to increase because of COLA, inflation is eroding seniors’ purchasing power, according to a report from the National Federation of Senior Citizens.