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Social Security Update: New $914 Checks Are Issued As Millions Receive A $140 Rise

Source: cbs News

In the absence of a weekend or holiday, SSI applicants receive reimbursement on the first of every month. Beneficiaries will now get their October cheque on 29th September rather than the beginning of the month. As a result of benefit rises in 33 states, many recipients will see an increase in SSI payments of $140. This year, the maximum SSI compensation rose from 2022 to $914, or $1,371 for a husband and wife if both spouses qualify; the average payout is $550.

Benefits For Same-Sex Couple

The SSA claims they “recognize same-sex couples’ marriages in all the states, as well as some particular non-marital legal relationships.” The same benefits, such as disability, retirement, and survivor benefits, are available to those in same-sex marriages as they are to people in heterosexual relationships. Couples’ biological and adopted children are also eligible for benefits. It is crucial to inform the administration of any significant life changes, such as marriage, separation, divorce, and parenthood, if a couple is currently receiving benefits. The SSA has a dedicated page for same-sex relationships.

Anticipating A Significant Drop

As per The Senior Citizens League (TSCL), the cost-of-living-adjustment (COLA) for 2024 is currently projected to be less than 3%. According to Mary Johnson, a TSCL analyst for Social Security & Medicare policy, there is even a chance that there won’t be an adjustment in 2016. According to GOBankingRates, she stated that this would be crucial if decreasing inflation caused the consumer price index to fall into the negative range. In other words, if inflation declines significantly, there is a chance that there won’t be a COLA paid out the next year.

Congress enacted a COLA clause in 1975 that established automatic annual COLAs determined by the growth in the CPI-W on an annual basis. Before 1975, Congress passed unique laws to increase Social Security benefits. The increase in the CPI-W during the 2nd to the 1st quarter of 1974 was used to compute COLAs in 1975. From 1976 to 1983, COLAs depended on rises in the CPI-W over the third quarter of the previous year to the third quarter of the current year; thereafter, COLAs were calculated on hikes in the CPI-W during the third quarter of the previous year to the current year.

Wage Limit For Social Security

Working while receiving Social Security payments is permitted. However, if you are yet to reach full retirement age, half of your benefits from Social Security could be temporarily withheld. Social Security recipients who aren’t yet at full retirement age can earn almost $18,240 in 2020 before missing one dollar of advantages for every additional $2 earned. 2020 will see an increase in the earnings cap to $48,600 and a decrease in the penalty to $1 reserved for every $3 over the ceiling. Once you’ve reached full retirement age, your benefit will be revised to reflect the amount of your withheld benefit as well as any continued income. Once you attain full retirement age, you are no longer required to withhold Social Security benefits from any income you make.

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