Every week, the Social Security Administration (SSA) gives out one payment. Every month, on the second, third, and fourth Wednesdays, Social Security checks are sent out. People with disabilities and low-income older Americans who get Supplemental Security Income (SSI) usually get their money on the first of the month, unless that day is a holiday or weekend.
This year, September 1st comes on a Sunday, so people who get SSI will get two check in August. The first check came on August 1, and the second one will be sent on August 30.
Social Security Benefits Are Falling Short, And The Problem Could Soon Get Worse
The Social Security Administration’s (SSA) payment schedule says that there will be another round of payouts in November. However, this year’s small cost-of-living increase (COLA) has made things harder for many retirees who are dealing with persistent inflation that has made their money go much further.
Atticus recently did a poll that showed an amazing 62% of seniors who get Social Security are unhappy with the 3.2% payment increase they will get in 2024.
The Financial Struggle of Seniors
Almost three out of five seniors said they were having money problems because of how expensive things like food, rent, and medical care are. Also, about 20% of seniors who get Social Security are thinking about looking for work this year because their payments haven’t gone up enough.
Key Points to Consider
- Payment Schedule: Another Social Security payment is scheduled for November.
- Cost-of-Living Adjustment: The 3.2% COLA for 2024 has left many retirees dissatisfied.
- Inflation Impact: Persistent inflation is eroding the purchasing power of Social Security benefits.
- Financial Struggles: Many seniors are struggling with the high costs of basic necessities.
- Employment Considerations: About 20% of seniors are planning to seek employment due to the small increase in benefits.
As the economy changes, it’s important for lawmakers to deal with these problems to make sure that Social Security benefits help our seniors enough. Stay tuned for more news and information about this important matter.
The ‘Magic Number’ to Retire Comfortably Hits New All-Time High
The cost of basic things like food, rent, and medical care is still too high for many seniors to afford. Almost three out of five seniors are having trouble paying their bills.
The rising prices of utilities, insurance, heating, and food have caused a lot of worry among retirees. Their rising costs are making it harder and harder for them to keep up their standard of living.
More than 66 million Americans who get Social Security got bigger checks in January. This payout increase was much smaller than the 8.7% increase that recipients saw in 2023, which was the biggest increase in 40 years. However, it is still higher than the 2.6% average increase seen over the last 20 years.
It is expected that recipients will get a Cost of Living Adjustment (COLA) of 2.63% in 2025. This is a little less than the current rate of inflation of 3%. If this number is correct, it would mean the lowest annual COLA since 2021. The final adjustment number should be made public by the Social Security Administration (SSA) around the middle of October.