Around 72 million Social Security beneficiaries receive monthly payments from the Social Security Administration (SSA). While most of these beneficiaries are retired workers who have contributed to Social Security for at least 35 years, others include low-income seniors, disabled individuals, and children who qualify for Supplemental Security Income (SSI) benefits. According to the SSA’s April … Read more
Great news is on the horizon for Social Security beneficiaries! The Social Security Administration (SSA) and the federal government have announced a $200/month raise to Social Security, SSDI, SSI, and VA benefits starting June 2024. This increase aims to provide financial support to over 71 million low-income individuals in the U.S., helping to combat poverty … Read more
Every year, the Social Security Administration (SSA) calculates the cost-of-living adjustment (COLA) to help beneficiaries keep up with inflation and maintain their purchasing power. This adjustment isn’t guaranteed annually, but it frequently occurs to ensure seniors and other pensioners can manage their costs. How COLA is Calculated COLA is based on data from the Consumer … Read more
2023 was a peculiar year as the world gradually emerged from the pandemic, grappling with residual health and economic challenges. Amidst these issues, retirees received a significant cost-of-living adjustment (COLA) of 8.7%, the largest in four decades, to help offset inflation. However, the 2024 COLA saw a much smaller increase of 3.2%, more in line … Read more
The Social Security retirement program delivers monthly benefits of over $1,900 to around 55 million retirees and survivors. On May 22nd, retirees born between the 21st and the 31st will receive their fourth Social Security benefit payment. These payments include the 3.2% cost-of-living adjustment (COLA) to help maintain retirees’ purchasing power. Inflation With inflation on … Read more
Today, May 31st, will not be the last Social Security payment for the month of May. The Social Security Administration has rescheduled the Supplemental Security Income (SSI) payment, typically made on the 3rd of June, to Friday, May 31st. As a result, millions of SSI recipients will receive their monthly benefits worth up to $1,415, … Read more
The Social Security Administration (SSA) has released the disability benefit payments for the month of May to eligible Social Security Disability Insurance (SSDI) recipients. This payment includes the 3.2% cost-of-living adjustment (COLA) increase to help offset the impact of inflation on disabled individuals’ incomes. SSDI Benefits SSDI benefits are designed to provide financial support to … Read more