Millions of Americans rely on Social Security for life after retirement. The less fortunate, including the disabled and those with lower incomes, also benefit from a monthly supplemental check (SSI). Disbursed on the first of the month, this years check will have hit their bank account on May 31st.
While the amount will be the same, some budgeting methods account for monthly incomes as received. This would obviously make June a leaner month, but overall dollars will still be the same. Fox 10 Phoenix says:
Typically, the Social Security Administration sends out one payment each week, delivering Social Security checks on the second, third and fourth Wednesdays of each month. Then it pays Supplemental Social Security Income — which provides support for disabled people and older 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 the month of May. That means roughly 7.4 million SSI recipients will get their June payments on Friday, May 31.
SSI will also be expanded this coming fall. Qualifications are currently unknown, but the effect of inflation has been devastating on lower income Americans. Beyond the usual COLA, income levels to qualify for SSI might be raised to give a boost to more Americans. CNET continues:
The SSI program will get expanded this fall, and the changes will allow for more people to qualify for benefits. The adjustments will also increase some SSI recipients’ payment amounts and “reduce reporting burdens” for people living in public assistance homes.
“I’m committed to making systemic changes to help people access the critical benefits they need, including SSI,” Social Security Commissioner Martin O’Malley said in a statement. “By simplifying our policies and including an additional program geared towards low-income families, such as the SNAP, we are removing significant barriers to accessing SSI.”
Social Security remains a major problem for the American Treasury. While the stock market and 401K accounts continue to grow at a healthy rate, Social Security funds can only be invested in treasury notes with a lower rate of return. This makes the deficit, which is expected to grow as the numerous Baby Boomers retire, all the more painful. Another solution sometimes mentioned is to tax passive income for Social Security, rather than just W-2 wages and salaries.
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