Managing your expenses as a retiree in the US can be quite challenging, especially if you depend upon your social security benefits to cover your basic needs. To make sure you don’t encounter any financial problems in your lifetime, you need to keep yourself updated with the annual changes made to the social security programs by the SSA. Keeping yourself updated with these tweaks and amendments can also help you effectively plan your budget for the year.
Changes for the 2022’s social security program were announced by the SSA on Oct 13, 2021.
A Brief Guide to Social Security Payments
Also referred to as OASDI (Old-Age, Survivors, and Disability Insurance), social security provides monthly financial benefits to American workers and their dependents who meet the program’s eligibility criteria. To acquire these benefits, you need to regularly pay your social security taxes throughout your work-life. The amount of benefit a person receives depends upon their employment history and contributions to the system.
There are three fundamental types of social security benefits in the US:
- Retirement benefits for people aged 62 or more with at least 10 years of work experience.
- Disability benefits: These are the monetary benefits provided every monthby the SSA to people with disabilitiesthrough the SSDI program (provided that they’ve worked in the country for a certain period.) The amount received by the recipients under this program depends upon their salary before getting the disability.
- Survivor benefits: It refers to the social security amount provided by the SSA to widowers, widows, dependent children of a retiree or deceased worker, and divorced spouses. The amount of survivor benefits depends upon the survivor’s age, their relation with the deceased, and the workers’ monthly wages and age at the time of death.
Payment Schedule 2022
About half of America’s older generation lives in households where social security constitutes half of their total income and nearly 25% of these people depend upon their social security payments to cover most of their monthly expenses.
The SSA distributes social security benefits (including the retirement, survivor, and disability benefits) on 1 of the 3 Wednesdays every month for the recipients who started receiving them after May 1997.
If your birth date lies between the 1st to 10th of a month, you’ll receive your benefits on the second Wednesday, if it’s betweenthe 11th to 20th you’ll get the benefits on the 3rd Wednesday, and if you were born between the 21st to 31st you’ll be able to collect your benefits on the fourths Wednesday.
Experienced Social Security Lawyer in Little Rock
At The Law Offices of Lisa Douglas, I help social security recipients understand the US’s social security system and the payment schedules.
I can help you resolve your social security problems. If you’re looking for a reliable social security lawyer in Little Rock, reach out to me today.
Disclaimer: This blog is only intended for educational purposes and shouldn’t be used as a substitute for legal advice.
