Typically, the Social Security Administration (SSA) sends out one payment each week. Social Security checks are delivered on the second, third, and fourth Wednesdays of each month. Supplemental Security Income (SSI), which provides support to disabled individuals and older Americans with low incomes, is normally paid on the first of the month unless that day falls on a weekend or holiday.
Because September 1st falls on a Sunday this year, SSI recipients will receive two payments in August. The first check arrived on August 1st, and the second check will come on Friday, August 30th.
Social Security Benefits Are Falling Short, And The Problem Could Soon Get Worse
According to the Social Security Administration (SSA)’s payment schedule, another round of payments is expected in November. However, this year’s modest cost-of-living adjustment (COLA) has left many retirees feeling the pinch as they grapple with persistent inflation that has significantly diminished their purchasing power.
A recent survey conducted by Atticus revealed that a staggering 62% of seniors collecting Social Security are unhappy with the 3.2% payment increase they are set to receive in 2024.
The Financial Struggle of Seniors
Nearly three out of five seniors reported facing financial difficulties due to the exorbitant costs of everyday necessities such as food, rent, and medical care. Additionally, about 20% of seniors receiving Social Security are considering seeking employment this year because of the insufficient increase in their benefits.
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 financial landscape continues to evolve, it’s crucial for policymakers to address these challenges to ensure that Social Security benefits adequately support our seniors. Stay tuned for more updates and insights on this pressing issue.
The ‘Magic Number’ to Retire Comfortably Hits New All-Time High
Nearly three in five seniors are grappling with financial struggles as the cost of everyday necessities, such as food, rent, and medical care, remains uncomfortably high.
Retirees have expressed significant concerns over the rising costs of utilities, insurance, heating, and food. These escalating expenses are making it increasingly difficult for them to maintain their standard of living.
In January, more than 66 million Americans collecting Social Security received larger payments. Although this payment boost marked a steep decline from 2023, when recipients saw an 8.7% increase—the highest in four decades—it still remains higher than the 2.6% average increase recorded over the past two decades.
Looking ahead, recipients are projected to receive a 2.63% Cost of Living Adjustment (COLA) in 2025. This is slightly below the current 3% pace of inflation, and if accurate, would mark the lowest annual COLA since 2021. The Social Security Administration (SSA) is expected to release the final adjustment percentage in mid-October.