How much is the Social Security special minimum benefit and what are the requirements to receive it?
The Social Security Administration provides a special minimum benefit for low-earning workers. This amount depends on the number of years you’ve worked.
The Social Security Administration (SSA) sends money each month to workers enrolled in the retirement program. In 2024, average payments for retired workers rose to just over $1,900, the SSA reported in January.
Workers must meet certain criteria, such as having a Social Security number (SSN), earning certain amounts, as well as meeting a minimum age of 62 years or reaching full retirement age (67 years) to receive full benefits. Payments are calculated individually depending on these factors.
However, for some low-income employees, the SSA provides assistance to increase their benefit amount by calculating the special minimum benefit.
What is the special minimum benefit?
The special minimum benefit (SMB) is a provision of the SSA that ensures that certain low-income individuals who have worked and paid Social Security taxes over many years receive a minimum level of benefits in retirement.
The SMB is designed to provide additional support to individuals who may have had low earnings throughout their working lives, particularly those in jobs with low wages or intermittent employment.
This calculation looks at years of coverage rather than a person’s income to estimate how much they could receive from Social Security.
To be eligible for the special minimum Social Security benefit, you must have worked for at least 11 years and have earned at least a certain amount of taxable income. In 2023, that minimum income threshold was $17,820 and in 2024 it is $18,765.
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Special minimum benefit amounts for 2024
In 2023, the special minimum benefit started at $49.40 for someone with 11 years of coverage and reached $1,033.50 for workers with 30 years of coverage. For 2024, the amounts have increased. Here is the complete table of special minimum benefit payments, according to the years of coverage:
- 11 years: $50.90
- 12 years: $104.30
- 13 years: $157.90
- 14 years: $211.10
- 15 years: $264.10
- 16 years: $318.00
- 17 years: $371.50
- 18 years: $424.80
- 19 years: $478.20
- 20 years: $531.90
- 21 years: $584.40
- 22 years: $638.40
- 23 years: $692.80
- 24 years: $746.10
- 25 years: $799.00
- 26 years: $853.40
- 27 years: $906.10
- 28 years: $959.60
- 29 years: $1,013.20
- 30 years: $1,066.50
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Social Security payments at ages 62 and 70
Retired workers can apply for regular benefits, which can be requested at age 62. However, this reduces the amount of money you would receive compared to waiting until full retirement age (67). The amount you would receive would be equivalent to the full amount of the retirement benefit to which you are entitled, less a 30% reduction.
Therefore, if your full retirement benefit at age 67 is $1,000 but you receive benefits at age 62, you will receive $700 per month instead. The benefit reduction also applies to people who receive the special minimum benefit.
Waiting beyond the full retirement age of 67 to receive checks may increase your benefit amount.
In 2024, the maximum benefit at age 62 is $2,710. At age 65 it is $3,426 and at age 66, $3,652. As for payments claimed at full retirement age (67 years for people born after 1960), the maximum benefit these workers can expect this year is $3,822. Those who delay their retirement until age 70 are eligible for a maximum payment of $4,873.