However, under Social Security Disability Insurance, Social Security also supports the disabled (SSDI). The Supplemental Security Income (SSI) program provides additional assistance to the most vulnerable individuals, such as blind or disabled people with little income. In 2021, 65 million recipients received monthly payments totaling $1 trillion from the Social Security Administration (SSA).
It’s essential to realize how your actions and inactions can affect how much of the pie you receive from benefits you already receive or will receive shortly. Learn how you can lose some or all of your Social Security payments by reading more.
However, if you apply for retirement at 66 and 11 months, you will only receive 99.4% of your entire benefit. The full retirement age is 67. You will only receive 86.7% of your benefits if you file a claim at age 65. You can file a claim as early as age 62, but if you do, you’ll only get paid 70% of your total payout for life if you don’t deposit it within a year.
Social Security: If You Claim Early and Make Too Much Money, You’ll Get Less
There is no income requirement to receive full benefits after you hit full retirement age. Your Social Security payment will decrease if you file an early claim and keep working if you make too much money, though. You can make up to $19,560 in 2022 without having your benefits cut off. The SSA will then deduct $1 for each $2 you earn over the threshold. You can make up to $51,960 if you’ll hit full retirement age later this year. The SSA then deducts $1 for every $3 earned.