What are the 3 types of Social Security?

The three main types of Social Security benefits are Retirement, Disability, and Survivors, providing financial support for retirees, those unable to work due to severe medical conditions, and families of deceased workers, respectively, funded by payroll taxes; there's also Supplemental Security Income (SSI), a needs-based program for low-income aged, blind, and disabled individuals, separate from the earned-benefit system.

What is the difference between SSI and SSA benefits?

SSA (Social Security Administration) is the agency that runs different programs like SSDI (Social Security Disability Insurance) and SSI (Supplemental Security Income); the key difference between SSDI and SSI benefits is that SSDI is an insurance program for disabled people with a solid work history (funded by payroll taxes), while SSI is a needs-based welfare program for low-income disabled, blind, or elderly individuals, funded by general tax revenues, requiring limited income and resources, not work credits. 

Is it better to take Social Security at 62 or 67 or 70?

Claiming Social Security at 62 gives you the earliest access but significantly reduces your monthly benefit (around 30% less than full), while waiting until your Full Retirement Age (FRA, typically 67) gives you 100% of your benefit, and delaying until age 70 provides the maximum possible monthly payment (around 124% of FRA) due to delayed retirement credits, making the best choice a balance of health, financial needs, and expected longevity.
 

Can I get SSA and SSI at the same time?

Yes, you can receive both Social Security (like Retirement or Disability Insurance - SSDI) and Supplemental Security Income (SSI) at the same time, which is called a concurrent claim, but only if your regular Social Security benefit is low and you have limited income and resources, as SSI fills the gap to the maximum benefit level. SSI is a needs-based program for seniors or those with disabilities, while Social Security is work-related; you need to apply separately for each, and the total combined amount won't exceed the federal SSI maximum. 

What's the highest Social Security benefit you can get?

The maximum Social Security benefit varies by retirement age, with the highest possible monthly amount in 2026 being around $5,181 if you wait until age 70, while claiming at Full Retirement Age (FRA) yields about $4,152, and claiming at age 62 results in approximately $2,969. To get the maximum, you must have earned the taxable maximum for at least 35 years, had significant earnings above the annual wage base ($184,500 in 2026), and delayed claiming benefits past your FRA. 

What Are The Different Types of Social Security Benefits?

How much do you have to make to get $3,000 a month in Social Security?

To get around $3,000/month in Social Security, you generally need a high earning history, around $100,000-$108,000+ annually over your top 35 years, but waiting to claim until age 70 maximizes this amount, potentially reaching it with lower yearly earnings, say under $70k if you wait long enough, as benefits are based on your highest indexed earnings over 35 years. The exact amount depends heavily on your specific earnings history and the age you start collecting benefits. 

What is one of the biggest mistakes people make regarding Social Security?

Claiming Benefits Too Early

One of the biggest mistakes people make is claiming Social Security benefits as soon as they're eligible, which is at age 62. While getting money sooner can be tempting, claiming early has a significant downside: your monthly benefit will be reduced.

Do you get Social Security if you never worked?

Yes, you can get Social Security benefits without working through programs like Supplemental Security Income (SSI) (for low-income aged, blind, or disabled) or by collecting spousal or survivor benefits on a family member's work record, but you generally need 10 years (40 credits) of work to get your own retirement or disability (SSDI) benefits. SSI is needs-based and doesn't require work credits, while spousal/survivor benefits rely on a qualifying spouse's earnings history. 

Why will some Social Security recipients get two checks in December?

Some Social Security recipients, specifically those receiving Supplemental Security Income (SSI), got two checks in December 2025 because January 1st, New Year's Day, is a federal holiday, causing the January 2026 payment to be moved up to December 31st, resulting in December's payment (Dec 1st) and January's payment (Dec 31st) both landing in December. This is a standard Social Security Administration (SSA) practice for SSI payments, not a bonus, ensuring funds are available before holidays or weekends. 

What is the smartest age to collect Social Security?

The "smartest" age to collect Social Security varies, but age 70 is often statistically best for maximizing lifetime benefits, as monthly checks grow significantly until then, especially for higher earners and those expecting long lives; however, claiming at Full Retirement Age (FRA) (67 for most) secures 100% of benefits, while taking it as early as 62 provides income sooner but permanently reduces payments, making it ideal for those with immediate financial needs or shorter life expectancies. 

How much money will I lose if I retire at 62 instead of 67?

If a worker begins receiving benefits before his/her normal (or full) retirement age, the worker will receive a reduced benefit. A worker can choose to retire as early as age 62, but doing so may result in a reduction of as much as 30 percent.

What does Suze Orman say about taking Social Security at 62?

Orman explained that you can start Social Security as soon as 62, but that you shouldn't. She said: "Don't settle for a reduced Social Security benefit. If you are in good health, the best financial move you can make is to not claim Social Security before you reach your full retirement age."

What is the downside of SSI?

A significant drawback of relying heavily on SSD benefits is that, in many cases, individuals are not allowed to continue working, even part-time. The Social Security Administration defines disability as the inability to engage in substantial gainful activity, typically work that provides a certain income level.

Can I work and still get SSI?

Yes, you can work while receiving SSI, and the Social Security Administration (SSA) has many programs called "work incentives" that allow you to keep benefits and healthcare (Medicaid/Medicare) even as you earn more money, often leaving you with more total income than if you didn't work. Your SSI payment might decrease as you earn more, but it's reduced by only about half of your earnings, not dollar-for-dollar, and you must report all work income to the SSA.
 

Why no November SSI check?

There was no SSI payment in November 2025 because the first day of the month fell on a Saturday, so the payment was moved to the last business day of October (October 31st). This isn't a missed payment; it's just an early deposit, meaning recipients received two checks in October (one for October and one for November) and two in December (for December and January) to keep payments consistent throughout the year, as the Social Security Administration (SSA) doesn't issue payments on weekends or holidays. 

What can you not spend SSI money on?

You can't spend SSI money on things that count as countable resources (like luxury items, excessive savings, or large purchases that push you over resource limits), especially if you have a representative payee who must use it for your basic needs (food, shelter, medical care, personal needs), but you can use it for essentials, disability-related items, and reasonable recreation, while keeping assets low to maintain eligibility. You must avoid spending it in ways that increase your assets beyond the $2,000 limit (for individuals) or using it for things that aren't for your benefit. 

How much is SSI going up in 2025?

For 2025, the Supplemental Security Income (SSI) saw a 2.5% Cost-of-Living Adjustment (COLA), raising the maximum federal benefit to $967 per month for an individual and $1,450 for a couple, effective with payments made in late December 2024 (for January 2025). While this was the 2025 increase, the 2026 COLA has since been announced as 2.8%, raising benefits further for 2026. 

What is a good monthly Social Security payment?

A "good" monthly Social Security payment varies, but the average for retired workers is around $2,000 in 2025, though it can range from under $1,500 to over $4,000+ depending on earnings and age; a payment is considered good if it covers essential expenses, perhaps 50% of your budget, requiring supplementation with savings for a comfortable retirement, with higher payments possible by delaying claims to age 70. 

What disqualifies you from Social Security?

You can be disqualified from Social Security for insufficient work history (not enough credits), earning too much income (especially for SSI/Disability), having a non-disabling condition, failing to follow prescribed treatment, substance abuse as the primary cause of disability, incarceration, or moving to certain countries. Eligibility depends on the benefit type (retirement, disability, SSI), but common disqualifiers involve not meeting work credits or income/resource limits. 

What is the best age to retire?

“Most studies suggest that people who retire between the ages of 64 and 66 often strike a balance between good physical health and having the freedom to enjoy retirement,” she says. “This period generally comes before the sharp rise in health issues which people see in their late 70s.

What is the lowest amount of Social Security?

The lowest Social Security benefit isn't a fixed dollar amount but a special minimum for long-term, low-wage earners, starting around $53.50/month for 11 years of work (2025/2026) and increasing with years worked, reaching about $1,123.70 for 30 years, though standard calculation often yields more, with very few people getting the special minimum now as it doesn't keep up with wages. 

What are the four ways you can lose your Social Security?

4 Ways You Can Lose Your Social Security Benefits

• You Forfeit up to 30% of Your Benefits by Claiming Early. ...
• You'll Get Less If You Claim Early and Earn Too Much Money. ...
• The SSA Suspends Payments If You Go To Jail or Prison. ...
• You Can Lose Some of Your Benefits to Taxes. ...
• Finally, You Can Lose SSDI in a Few Ways.

What is the number one regret of retirees?

Among the biggest mistakes retirees make is not adjusting their expenses to their new budget in retirement. Those who have worked for many years need to realize that dining out, clothing and entertainment expenses should be reduced because they are no longer earning the same amount of money as they were while working.

What is happening on March 31, 2025 with Social Security?

At the conclusion of the transition period, on March 31, 2025, SSA will enforce online digital identity proofing and in-person identity proofing. SSA will permit individuals who do not or cannot use the agency's online “my Social Security” services to start their claim for benefits on the telephone.