Older Americans may be eligible for four types of Social Security benefits

Millions of retirees have benefited from Social Security retirement benefits, and many workers look forward to the day when they will start receiving monthly checks from the Social Security Administration.

However, while retirement benefits are well-known and eagerly awaited, they are not the only type of cash to which older Americans may be entitled. It’s best to be aware of the many checks you could receive from the Social Security Administration so you don’t waste money. Here are four different types of payments that may be able to assist you in making ends meet later in life.

1. Pension benefits

Retirement payments from Social Security are earned rewards. Your work history determines the amount you receive. Benefits are calculated using average (inflation-adjusted) salaries earned during the 35 years of your career when you earned the most money.

Your age also determines your benefit amount when you apply for benefits. You can begin them as early as age 62, but you will not receive your basic benefit until you reach your predetermined full retirement age (FRA). Your full retirement age is decided by your birth year and ranges between age 66 and four months and age 67. You can also choose to delay starting benefits beyond your FRA to collect delayed retirement credits, which would boost your retirement income.

Retirement benefits are designed to replace around 40% of pre-retirement income, so they aren’t enough to live on their own, but they can be a major assistance in meeting your expenses once you stop getting paid.

2. Benefits to survivors

Survivor benefits are designed for surviving spouses of deceased individuals. These payments are accessible earlier than retirement benefits, which is especially beneficial if you have a young child with the individual who passed away. Survivor benefits are available not just if you are married when your spouse dies away, but they may also be accessible if you divorced after a marriage of at least ten years. Because these benefits depend on your spouse’s work history, you are eligible for them regardless of whether you have worked or not.

3. Benefits for the spouse

Spousal benefits are retirement benefits that allow seniors to receive benefits based on their partner’s employment history. You are eligible to claim them if you are still married or have divorced after a ten-year marriage. They can be a good choice for persons who didn’t work long enough to be eligible for their benefits or who earned less than their partner.

At full retirement age, spousal payments can be up to 50% of the primary earner’s benefit. You can start receiving them as soon as you turn age 62, but if you do so before reaching full retirement age, your benefit will be reduced.

4. Earnings from Social Security

Finally, low-income seniors and disabled individuals can get Supplemental Security Income (SSI) assistance. These benefits can be combined with your Social Security retirement income. These are means-tested benefits, which means that your benefits will be reduced if you earn too much.

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I grew up in Dubuque, Iowa, where I learned the concepts of hard work and the value of a dollar. I spent years in Boy Scouts and achieved the honor of Eagle Scout. I graduated from Iowa State University and moved to Chicago and spent a few years managing restaurants. I then started working in financial services and insurance helping families prepare for the high cost of college for their children. After spending years in the insurance industry, I moved to Arizona and started working with Federal Employees offing education and options on their benefits. I became a Financial Advisor / Fiduciary to further help people properly plan for the future. I enjoy cooking and traveling in my free time.

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