US Social Security - Community Forum (2024)

FAQs

Why are Americans getting $4800 from Social Security? ›

The fundamental goal of $4800 social security payment 2024 is to help citizens cope up with increased cost of living. No matter what all benefits you are receiving, this retirement check is yours. All those people who get their Social Security benefits 2024 every month are also getting these checks.

Among its primary defects is that Social Security discriminates against single heads of household who work, pay taxes, raise children, and yet get lower benefits than some individuals who do none of these.

* If you receive your Social Security or SSI benefit payment by direct deposit in your bank, we'll deposit the $250 one-time payment in your bank.

Unfortunately, America's population of retirees currently is growing faster than its population of working-age individuals. As a result, the ratio of retirees receiving Social Security benefits to workers contributing payroll taxes has grown, creating a demographic challenge to the program.

Have you heard about the Social Security $16,728 yearly bonus? There's really no “bonus” that retirees can collect. The Social Security Administration (SSA) uses a specific formula based on your lifetime earnings to determine your benefit amount.

Social Security income can be taxable no matter how old you are. It all depends on whether your total combined income exceeds a certain level set for your filing status. You may have heard that Social Security income is not taxed after age 70; this is false.

Since 1983, every US President has borrowed from Social Security to pay for government expenditures. However, there is no evidence that any of the presidents has stolen a dime from Social Security.

In the proposals presented to the Commission, the use of retirement bonds--and annuities based on bond accumulations- would also replace the entire benefit structure of Social Security for the future.

Reduced Benefits

If no changes are made before the fund runs out, the most likely result will be a reduction in the benefits that are paid out. If the only funds available to Social Security in 2033 are the current wage taxes being paid in, the administration would still be able to pay around 75% of promised benefits.

Under normal conditions, the Treasury sends Social Security payments one month in arrears. That means the check you receive in June covers your benefits for the month of May. If the debt ceiling isn't raised, the Social Security payments due to be sent to beneficiaries in June would most likely still go out.

How do you get extra money added to your Social Security check? ›

Are in a public or private medical treatment facility and Medicaid is paying for more than half of the cost of your care. If you are in the facility for the whole month, your SSI benefit is limited to $30 (plus any supplementary State payment). We may lower the benefit if you have other income.

Has your income declined or have you experienced a loss of financial resources? You may be able to get additional income through the Supplemental Security Income program, which helps seniors and the disabled who have limited income and financial resources.

There's really no “bonus” that retirees can collect. The Social Security Administration (SSA) uses a specific formula based on your lifetime earnings to determine your benefit amount.

However, the administration can revoke those benefits at any time, and you could lose them almost instantly. A few things could cause you to lose your monthly benefits, including jail time, getting a new job and divorce. Which type of benefits you're receiving also matters, which we'll explain below.

The back-to-back deposits do not mean retirees are receiving extra money – it's just an early payment for the following month. This is slated to happen two more times this year, in August and November, according to a schedule of payments on the Social Security Administration's website.

There is no specific “bonus” retirees can collect from the Social Security Administration. For example, you're not eligible to get a $5,000 bonus check on top of your regular benefits just because you worked in a specific career. Social Security doesn't randomly award money to people.

We may pay a one-time emergency advance payment to an individual initially applying for benefits who is presumptively eligible for SSI benefits and who has a financial emergency.

The maximum Social Security benefit at full retirement age is $3,822 per month in 2024. It's $4,873 per month in 2024 if retiring at age 70 and $2,710 if retiring at age 62. A person's Social Security benefit amount depends on earnings, full retirement age and when they take benefits.