February’s Supplemental Security Income payment, worth up to $967, will go out to millions of beneficiaries in eight days. The next SSI payments are scheduled to be distributed on Jan. 31. SSI payments are given to people living with debilitating disabilities that affect their income,

As January comes to a close, the Social Security Administration (SSA) has completed its monthly distribution of benefits.

The Supplemental Security Income program gives payments to those living with debilitating disabilities which may affect their income.

Social Security benefits become available to those who qualify as early as the age of 62, but if you can wait until 70, you'll get the maximum payment in your monthly check. That said, sometimes it doesn't make financial sense to wait.

Key Points from 24/7 Wall St. Age 62 is the earliest age to claim Social Security, and it results in a reduced benefit for life. If you have nice savings, an early filing won't necessarily hurt your retirement finances.

You can claim Social Security benefits at 62, but you won't qualify for your full benefit yet. Full retirement age for those turning 62 this year is 67. Though claiming early reduces your benefit, delaying your claim increases it.

Understanding the intricacies of Social Security can significantly impact your financial future. Whether you're planning to claim benefits soon or are already a recipient, knowing the key aspects of the program is crucial.