It is estimated that by 2024, Social Security will be the primary source of income for 64 million people in the United States, with 3.3% of older adults never receiving benefits from the program.

Why does this happen when Social Security is the primary financial safety net? We’ll explain why this happens and how it affects people who aren’t eligible for Social Security benefits.

Why are there some people who will never receive Social Security benefits?

Social Security programs range from $1,000 to a maximum of $4,500, so why are there people who will never receive benefits from the SSA? The term “never beneficiaries” refers to older adults who, despite being of retirement age, do not qualify to receive SSA income for a variety of reasons:

Migrants who arrived late in the US. Those who arrived in the United States after the age of 50, or who spent a significant portion of their working years outside of the country, do not accumulate enough credits to be eligible for Social Security payments.

Those who have not had a stable job, but rather one that has been inconsistent over time. So, if they contributed little or nothing to the Administration, they may not meet the minimum requirements for SSA benefits.

Some government employees are exempt from the Social Security system because their earnings are managed by another pension system (typically private).

Retirees who made mistakes during the application process: it’s obvious, but thousands of Americans lose their benefits each year because they make mistakes when filing their applications.

These mistakes can cost up to $100,000 over a retiree’s lifetime!! Pay close attention when it comes to filing your application.

So how do the “never beneficiaries” do it?

According to SSA data, 54.3% of “never beneficiaries” live below the poverty line, compared to only 5.8% of those receiving payments.

It is understandable that without financial support, many retirees struggle to meet basic needs such as food, housing, and medical care.

So, in this context, it is critical to emphasize that Social Security is more than just an income; it is also a protection against poverty for our elderly.

How can I avoid being left out of Social Security?

Not all factors will be under control, but we can compile a list of suggestions to avoid losing access to SSA benefits:

To qualify for SSA, you must have at least 40 work credits (roughly 10 years of experience). If you are nearing retirement age and do not meet additional requirements, consider working to meet the necessary threshold for receiving your SSA payment.

When you’re ready to submit your application, carefully review it. If you consider it a complicated process, financial advisors and official SSA guides can assist you in avoiding costly mistakes!

Are you considering postponing your retirement? Remember that you could receive up to 8% more in your payment. But think carefully! Because not everyone is ready to work until they are 70 years old!

If you still have time to avoid becoming one of these “never beneficiaries,” do not delay. Remember that retirement is a time to relax and reap the benefits of our hard work. So, if you still have time, review all of your data and plan for retirement. Time passes in the blink of an eye!

Also See : This is the SSA waiver that allows you to collect January Social Security much earlier – it’s now official