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Social Security beneficiaries will receive one fewer payment in June – here’s the reason why

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Some Americans are set to receive one fewer Social Security payment this month due to a scheduling quirk in the system. Normally, the Social Security Administration sends out payments on the second, third, and fourth Wednesdays of each month, with Supplemental Social Security Income distributed on the first of the month unless it falls on a weekend or holiday. However, this month, because June 1 falls on a Saturday, some SSI recipients received two payments in May, resulting in approximately 7.4 million recipients receiving their June payments on May 31. This early payment is not extra money but is simply an advance payment for the following month. This schedule change is slated to occur two more times this year, in August and November.

Although retirees received a modest cost-of-living adjustment this year, many are still struggling to make ends meet due to high inflation. A survey by Atticus found that 62% of seniors collecting Social Security are dissatisfied with the 3.2% payment increase they received in 2024. Nearly three in five seniors reported financial struggles as costs for necessities like food, rent, and medical care remain high. About 20% of seniors receiving Social Security are planning to seek employment this year due to the small increase in benefits, reflecting the challenges many retirees are facing in the current economic climate.

Retirees have expressed concerns over rising costs for utilities, insurance, heating, and food, which have impacted their ability to cover basic expenses. In January, more than 66 million Americans collecting Social Security began receiving larger payments, although the increase was significantly lower than the previous year’s 8.7% bump. The average retiree benefit of $1,907 received an additional $59 per month with the recent increase. While this boost is less than the historical average increase of 2.6% over the past two decades, it still provides some relief for retirees facing financial pressure.

The annual adjustment to Social Security payments is based on the consumer price index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the previous year. The change in benefits is intended to help retirees keep pace with inflation and rising costs of living. However, the recent increases have not been sufficient for many seniors, leading to dissatisfaction and financial strain for a significant portion of Social Security recipients. As inflation continues to impact everyday expenses, retirees are feeling the effects and are seeking alternative solutions to make ends meet, including considering reentering the workforce.

In conclusion, the adjustment to Social Security payments this year has left many retirees feeling financially strained as inflation continues to erode their purchasing power. The early payment schedule resulting from the quirk in the system has caused some confusion among beneficiaries, but it is important for recipients to understand that the payments are not extra funds but an advance for the following month. While the modest increase in benefits may provide some relief, many retirees are still struggling to cover rising expenses and are exploring alternative solutions to address their financial challenges. It is crucial for policymakers to address the concerns of Social Security recipients and ensure that the program continues to provide essential support for retirees in need.

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