Retired people in the United States can subsist thanks to the benefits that Social Security grants on a monthly basis. These also apply to citizens with disabilities or survivors. Their official website publishes a monthly schedule with the dates on which these payments will be granted.
With the month of May almost coming to an end, it's good to start familiarizing yourself with the June calendar. This way, you can know when you will receive Social Security help to pay off your debts. Luckily, this is a quick process and here at The Look, we are here to help. Here we will tell you all the details about these benefits.
Make sure you meet these requirements to receive up to $914 from Social Security in June
First, you should remember that the $914 payment only applies to Supplemental Security Income (SSI) recipients. Only people eligible for this social program can receive this amount of money on June 1. On the other hand, this maximum benefit can vary as follows:
- Single people will receive $914
- Married couples will receive $1,371
However, it is important to note that both spouses must be eligible for the SSI program in the latter case. With respect to the requirements that must be met to obtain these benefits, in the following list we will mention them:
- Be 65 years of age or older.
- Being blind or partially blind.
- Having any other medical condition that prevents you from working.
- Having low incomes and few financial resources. Although, these vary depending on the state in which you reside.
- Be a citizen of the United States or be lawfully resident in the country.
- Have applied for other benefits that may be appropriate
How much money does Social Security offer in your monthly checks?
As we mentioned before, Social Security payments tend to change due to several factors. In this way, they can help the people who need it most in the country, without any discrimination. For example, the $914 and $1,371 SSI amounts are different from SSAs. Next, we will detail them so that you have a clear idea:
- $2,572 for retirees 62 and older.
- $3,627 for retirees 67 and older
- $4,555 for 70-year-old retirees
Ideally, you should visit one of the Social Security offices or their official website, to clarify any questions you have. In this way, you can also receive a personalized evaluation. This can be of great help since it will allow you to know all the benefits for which you are eligible.
What can I do with Social Security money? Recommendations
Many of the beneficiaries of these programs often use these monthly payments to cover living expenses and basic needs. However, you also have the option of using them as a source of long-term income. In this way, you can maximize its usefulness and get the highest possible profitability.
Still, have questions about how to spend Social Security money? Then we recommend you follow the following recommendations:
- Create a budget and prioritize expenses
- Design a strategy to invest the money
- Pay off any outstanding debt
- Look for discounts and support services in the community
Ideally, you should use it in the way that seems best to you, since you have many options at your disposal. Also, remember to be responsible with the use of this money.