Social Security Monthly Cash Payments

Co-Written by: Ronald D. Miller Esq.

Social Security monthly cash payments can vary widely from person to person based on several criteria. Social Security retirement benefits depend on how much you have earned and at what age you decide to retire. If you earn outside income and you are age 65 and ten months or younger your earnings will affect your benefits. If you are older than 65 and ten months you can earn as much as you like and your benefits will not be affected. Supplemental Security Income depends on your disability and if you can earn income and how much.

Are you or someone you know interested in finding out what your Social Security monthly cash payments are or would be? Contact one of our benefit experts today and know for sure what your Social Security monthly cash payments will be!

To know for sure you would need to workout what your particular situation would allow you to earn in benefits but listed below are a run down of some general terms and situations to give you a general idea of what you may earn. The scale of benefits is adjusted for cost of living every year so these totals may change. Early retirement is at age 62, full benefit at retirement is at age is 66, and delayed retirement is at age 70.

Monthly benefits average yearly income before retirement and age of retirement:

If you earned yearly average is 45K:
- 1. at 62 = $954
- 2. at 65 = $1,235
- 3. at 70 = $1,727
If you earned yearly average is 75K:
- 1. at 62 = $1,378
- 2. at 65 = $1,745
- 3. at 70 = $2,379
If you earned yearly average is 105K:
- 1. at 62 = $1,575
- 2. at 65 = $1,998
- 3. at 70 = $2,728
If you earned yearly average is 150K and up:
- 1. at 62 = $1,714
- 2. at 65 = $2,162
- 3. at 70 = $2,929

If you are retiring this year at full retirement age, the SSA will deduct $1 in benefits from every $3 you earn above $34,440 until the month you reach full retirement. If you are retiring early, the SSA will deduct $1 in benefits from every $2 you earn above $12,960. If you retire before age 65 and ten months your benefits are adjusted based on how much income you earn from your outside income.

Adjusted benefits based on earnings for early retirement:

If you earn $700 in SS benefits and your outside income is:
- 1. < $12,960 your SS yearly benefits = $8,400
- 2. = $15,000 your SS yearly benefits = $7,380
- 3. = $20,000 your SS yearly benefits = $4,880
If you earn $900 in SS benefits and your outside income is:
- 1. < $12,960 your SS yearly benefits = $10,800
- 2. = $15,000 your SS yearly benefits = $9,780
- 3. = $20,000 your SS yearly benefits = $7,280
If you earn $1,100 in SS benefits and your outside income is:
- 1. < $12,960 your SS yearly benefits = $13,200
- 2. = $15,000 your SS yearly benefits = $12,180
- 3. = $20,000 your SS yearly benefits = $9,680

For SSI benefits you must be age 65 or older, disabled, or blind to qualify. You also must have little or no income and few resources. Excluding your home, car and burial plot, you can not own assets in excess of $2,000 for an individual or $3,000 for a married couple. You must be a U.S. citizen or permanent resident and must reside in the U.S. or Northern Mariana Islands to qualify for SSI.

For aged and disabled single people your benefits are as follows:

Independent living status = $856, blind = $921
Non-medical board & care = $1,035, blind = $1,035
Living in household with someone else = $649.34, blind = 730.34
Independent living status/no cooking = $940
Minor child, disabled only = $742
Minor child in household with someone else, disabled only = $523.34

For aged or disabled couples:

Independent living status = $1,502
Non-medical board & care = $2,070
Independent living status/no cooking = $1,670
Living in household with someone else = $1,218.33

For blind couples:

Independent living status = $1,729
Living in household with someone else = $1,445.33

For blind person with aged or disabled spouse:

Independent living status = $1,644
Living in household with someone else = $1,359.33