Maya MacGuineas, president of the Committee for a Responsible Federal Budget, discusses concerns about the future of Social Security and Medicare in the ‘Special Report.’
Some Americans will get one less Payment of Social Security this month, a rare occurrence that is the result of a quirk in the system.
Typically, the Social Security Administration sends a payment every week, giving out Social Security checks on the second, third, and fourth Wednesday of each month. It then pays Supplemental Security Income — which provides support to disabled and elderly Americans with low incomes — on the first of the month, unless it falls on a weekend or holiday.
Because June 1 falls on a Saturday, some SSI recipients received two payments in May. This means that approximately 7.4 million SSI recipients will receive their June payments on Friday, May 31.
INFLATION INCREASES 3.4% IN APRIL AS PRICES REMAIN HIGH
In this photo illustration, a Social Security card sits next to checks from the U.S. Treasury in October. 14, 2021, in Washington, DC (Photo illustration by Kevin Dietsch/Getty Images/Getty Images)
Back-to-back May deposits don’t mean pensioners are getting extra money – it’s just an early payment for the following month.
This is planned to happen two more times this year, in August and November, according to a payment schedule on the Social Security Administration website.
Retirees received a modest cost-of-living increase this year, but many have reported struggling to make ends meet as they continue to battle high inflation that has rapidly eroded their purchasing power.
or last survey published by Atticus found that an overwhelming percentage of seniors collecting Social Security — about 62% — are unhappy with the 3.2% payment increase they’re getting in 2024.
In fact, nearly three in five seniors reported struggling financially as the cost of daily necessities like food, rent and medical care remain uncomfortably high, while about 20% of seniors receiving Social Security plan to look for work this year due to small growth.
SOCIAL SECURITY RECIPIENTS COULD BE HIT WITH A HUGE TAX BILL THIS YEAR
Customers shop at a supermarket in Foster City, California, in September. 13, 2023. (Photo by Li Jianguo/Xinhua via Getty Images/Getty Images)
Pensioners reported concerns about rising utility, insurance, heating and food costs.
More than 66 million Americans collecting Social Security received larger payments starting in January.
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The increase in payments marked a big drop from 2023, when recipients received a 8.7% crashes, the highest in four decades. However, it remains higher than the average growth of 2.6% recorded over the past two decades.
An increase of that rate increased the average retiree’s benefit of $1,907 by about $59 a month.
The annual change of Social Security is calculated on the basis of consumer price index for Urban Wage Earners and Clerical Workers, or CPI-W, from July, August and September.
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