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November Social Security and SSI Payment Schedule Updates
2 months ago•Source: Diario AS
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3.39 min•2 months ago
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Social Security Urges Beneficiaries to Update Online Accounts
The Social Security Administration (SSA) announced that millions of Social Security recipients must switch to a new login portal, Login.gov, to access their online accounts. Users who created accounts before September 18, 2021, need to transition, while over 5 million have already done so. The change aims to improve customer service and reduce wait times. No final deadline has been set for the transition.
"Social Security Shifts to Login.gov: Update Your Account Now"
The Social Security Administration is requiring users who created a my Social Security account before September 18, 2021, to switch to a Login.gov or ID.me account to continue accessing their information. This transition aims to simplify secure sign-ins and reduce wait times for customer service. Approximately 46 million out of 86 million account holders need to make this switch, though no final deadline has been set. Existing Login.gov or ID.me users do not need to take any action.
"Social Security Implements 10% Cap on Benefit Overpayment Clawbacks Amid Customer Service Crisis"
The Social Security Administration is reforming its policies for recovering overpaid benefits, capping the clawback at 10% of a monthly check and extending repayment plans to 60 months. This comes after previous practices led to financial distress and homelessness for some recipients. The agency will no longer require beneficiaries to prove they aren't at fault for overpayments and will make it easier for them to request a waiver of repayment.
Social Security 2024: Controversial Increase Leaves Retirees Struggling
Starting in January, Social Security recipients will see a 3.2% increase in their monthly benefit checks, resulting in an average monthly retirement benefit of $1,907. However, this increase is lower than the previous year due to falling inflation. Many Americans, especially seniors, continue to struggle financially despite the slowdown in inflation, with housing costs being a major concern. The annual cost-of-living adjustment (COLA) is calculated based on inflation readings for July, August, and September. The Senior Citizens League estimates that Social Security benefits have lost over 30% of their purchasing power since 2000. The current formula for setting the COLA does not adequately account for categories that impact seniors, such as healthcare costs.
Social Security's 2024 Increase: Mixed Reactions and Financial Struggles
The Social Security Administration has announced a 3.2% cost-of-living adjustment (COLA) for 2024, the smallest increase in three years, due to cooling inflation rates. The average benefit check will increase by $49, reaching $1,907. The new COLA will take effect in January, with payment dates varying depending on the recipient's circumstances. Supplemental Security Income (SSI) recipients will receive their payments on December 29, 2023, while other recipients will receive their higher payments on January 3, 10, 17, or 24, depending on their birth month. The overall boost should be 3.2% higher than the December check, and recipients can view their new benefit amount on the mySocialSecurity website.
Lawmakers Demand Answers on Social Security Overpayments Tied to COVID-19 Stimulus
Some Americans receiving Social Security benefits are being asked to repay or have their income suspended due to overpayments linked to COVID-19 stimulus checks. Reports indicate that recipients of Social Security and Supplemental Security Income (SSI) have seen their benefits affected, despite the stimulus payments not supposed to count against their benefits. Concerned lawmakers have sent a letter to the Social Security Administration (SSA) seeking answers and expressing worries about the negative impact on beneficiaries. The SSA has announced plans to review its handling of overpayments and improve the appeals and waiver processes. Additionally, the increasing benefits may push some recipients into higher tax brackets and impact their eligibility for low-income assistance programs.
2024 Social Security Boost: What Seniors and Veterans Need to Know
Seniors will receive a 3.2% increase in their monthly Social Security checks starting in December 2024. However, many retirees, like Suzanne Mencer, find that the boost is still not enough to cover their expenses, leading them to continue working. With inflation outpacing the historical increase, retirees face challenges in making ends meet. The increase in the cost-of-living adjustment may not fully cover rising expenses, prompting some seniors to seek additional sources of income.
2024 Social Security COLA Increase: Less Than Expected for Seniors and Veterans
The Social Security Administration has announced that the cost-of-living adjustment (COLA) for 2024 will be 3.2%, significantly lower than the 8.7% increase received this year. While still above the historical average, experts warn that the smaller adjustment may not keep up with rising inflation, potentially causing seniors and beneficiaries to fall behind financially. Many seniors report that their household budgets have increased more than the COLA, and the adjustment may not accurately reflect their actual spending. Additionally, the impact of annual Medicare premiums on Social Security benefits is a concern. Despite the COLA, poverty rates among older Americans are rising, and the stability of the Social Security program remains uncertain.
2024 Social Security Boost: Smaller Increase for Senior Citizens
The Social Security Administration has announced that Social Security beneficiaries will receive a 3.2% increase in their benefits in 2024, resulting in an estimated average monthly retirement benefit increase of $50. This adjustment is lower than this year's record-setting 8.7% increase and the 5.9% increase for 2022. The adjustment is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers and comes at a time when many retirees are still grappling with higher prices.
2024 Social Security Boost for Seniors: Smaller but Clear
Social Security recipients will receive a smaller annual cost-of-living adjustment of 3.2% for 2024, reflecting lower inflation rates compared to the past two years. The increase amounts to an estimated average monthly payment rise of $59, bringing the average payment to $1,907. However, the adjustment falls short of keeping up with the rising cost of living, as inflation has caused Social Security payments to lose 36% of their buying power since 2000. Many senior citizens rely heavily on these payments, and some advocates argue for tying the annual benefit increase to an index that measures inflation experienced by the elderly.