Santa Claus is not the only one who’s coming loaded with surprises this December. A new payment from the Social Security Administration (SSA) is about to arrive, which will make you close the year on a high note. With a sum of money that could reach almost $5,000 for some lucky ones, it will be the definitive end to a great year. Do you want to know if you qualify for this payment or how much you could receive in your case? Stay tuned, as we’re going to inform you of the key dates and what you have to do to request this money that will be great for celebrating Christmas in style!
Who will be eligible for this credit?
Pay attention because only retirees will receive this money from the Administration, and not everyone. To receive it you must meet the following requirements:
- Your retirement date must not be before 1997 (this means that if you retired before that date, this payment is not for you)
- Not be a beneficiary of the Supplemental Security Income
- Have been born between the 1st and 10th of any month
- Have worked more than 35 years (with the maximum taxable salary) and have requested benefits at age 70.
Remember that the largest payment for this sector will be $3,822 and will rise to $4,873 in specific cases.
When will the payment be received?
So, those who are beneficiaries of this credit, please note these dates:
- On December 11, those born between the 1st and 10th of each month will receive their payment
- On December 18, for those born between the 11th and 20th
- On December 24, for those born between the 21st and 31st of each month.
What will happen to other beneficiaries?
Don’t worry, it’s not the end of pensions, but the majority of retirees will receive an average of up to $1,927 this December, but there are other cases.
- Retirees at age 62: will receive up to $2,710
- Retirees at full age: $3,822
- Retirees at age 70: will receive the maximum possible, $4,873
- Those who are SSDI beneficiaries will also receive their maximum possible amount, which will be $3,822, as will full-age retirees, as will disabled people.
Who will receive the $4,873?
As we have already told you, the “lucky” ones to receive this payment are those workers who have been on the job for more than 35 years, as well as those who have earned the maximum taxable amount during all those years of paying contributions. Thus, Social Security will pay them $4,873, a very good amount to end the year and have an incredibly good Christmas.
Why this amount?
This payment reflects a kind of recognition for those people who allow themselves to delay their retirement age, which, let’s face it, is not all of us, so it is the result of an extra effort, so you receive more money for having waited longer.
Are these credits only possible for retirees?
No way, for all those who do not qualify for the maximum pension payment, they can still request the cost of living adjustment (COLA), which is also essential to cover basic needs, such as utilities, medical expenses or food and housing costs.
What else do we have to take into account?
This payment can make a big difference in your quality of life, so take advantage of this opportunity offered by the administration and plan your expenses. Enjoy this golden age as much as you can, because you have earned it! But avoid wasting money and prioritize essential expenses, as well as keeping a portion of these funds for possible emergencies, because you never know what can happen.
And yes, enjoy this relaxing stage in which you have already worked as much as possible, now it is time to enjoy!