Table of contents:
How To Get Extra Money From Social Security – Millions of Supplemental Security Income recipients are due to receive two payments in June, but the second is a July advance – not a bonus payment.
According to the US Social Security Administration (SSA), an average of 67 million Americans will receive Social Security benefits per month in 2023. These are usually payments that come on a certain date each month.
How To Get Extra Money From Social Security
But a VERIFY viewer recently asked our team if Social Security recipients will receive a bonus payment in June.
Ssdi Payment: Is Social Security Giving Extra Money For October 2023?
Social Security payments are sent on a strict schedule. Most recipients typically receive payments on the second, third, or fourth Wednesday of the month, depending on their date of birth.
But people who receive Supplemental Security Income (SSI), such as those who are blind, disabled or at least 65 years old with very limited financial resources, typically receive those payments on the first of the month, according to AARP. This can be a problem if the first falls on a federal holiday or a bank-closed weekend, such as Saturday, July 1, 2023.
As a workaround, SSI payments are sent the closest previous business day. This means that in June, SSI recipients will be paid on June 1st and June 30th. However, this second payment is not a bonus payment. Instead, it’s a deposit for the month of July.
In addition to June, SSI recipients also receive two advances in September (for October) and December (for January). AARP says the same schedule adjustment applies to other Social Security payments if the date falls on a holiday. You can view the complete repayment schedule for 2023 here.
Why Social Security Recipients Will Get Two Payments In December
If Congress does not raise the debt ceiling, the US government could default on its financial obligations as early as June 1. This led some VERIFY viewers to wonder if they would receive their Social Security payments if they defaulted.
If the US defaults on its debt, Social Security payments could be missed or delayed. But there is no definitive answer. This is because the US government has not outlined a framework for prioritizing certain payments over others. Click here to read more about what default can mean for your Social Security check.
The VERIFY team works to separate fact from fiction so you understand what is true and what is not. Please consider subscribing to our daily newsletter, text alerts and our YouTube channel. You can also follow us on Snapchat, Twitter, Instagram, Facebook and TikTok. Learn more » The Social Security Expansion Act would increase benefits by $2,400 a year. But Congress did not pass the law.
In recent weeks, many VERIFY readers have contacted the team with questions about a potential change in Social Security benefits.
Social Security Bill Would Give Seniors An Extra $2,400 A Year
Social Security provides income for people when they retire or are unable to work due to disability. Those who are retired can usually start receiving Social Security benefits as early as age 62.
Social Security payments increase by 8.7%, or about $140 per month for the average recipient, in early 2023 due to the annual cost-of-living adjustment (COLA).
But could another increase in benefits be on the way? Several VERIFY readers, including John, asked if benefits would increase by $2,400 per year.
No, Social Security recipients do not get an extra $2,400 a year. The bill to increase benefits did not pass.
Social Security: Ssi Recipients Will Get Two Payments In June
A bill that would increase Social Security payments by $200 per month was introduced in both the House and Senate in June 2022. However, the legislation failed to pass.
The Social Security Expansion Act included a $200 monthly increase in Social Security benefits for new and existing recipients, separate from the annual cost-of-living adjustment (COLA), according to an overview of the law. That means recipients, on average, would see an additional $2,400 a year if the bill passes.
The legislation as written would apply the increase to people receiving pension, disability and survivor benefits, but not to those receiving Supplemental Security Income (SSI), said Mary Johnson, a Social Security and Medicare policy analyst for the Seniors League. SSI is a need-based program for people with limited income and resources.
The Social Security Expansion Act was referred to various House and Senate committees, the first step in the legislative process, but did not pass or be voted on before the 117th Congress officially ended in January. 3.
Will Social Security Recipients Get An Extra $200 A Month Next Year?
With the Social Security Extension Act of 2022 failing to pass, Sen. Bernie Sanders (I-Vt.) reintroduced the legislation in the Senate on February 13, 2023. A fact sheet on the bill says it would increase benefits by $2.400 a year if passed into law.
The VERIFY team works to separate fact from fiction so you understand what is true and what is not. Please consider subscribing to our daily newsletter, text alerts and our YouTube channel. You can also follow us on Snapchat, Twitter, Instagram, Facebook and TikTok. More information “
Get our newsletter delivered to your inbox five days a week. Thank you for signing up for our newsletter! Please try again later. What to do with extra money from Social Security 2024 COLA If you’d like to make the most of your increase in Social Security benefits, here’s what you can do with COLA support
The Social Security Administration (SSA) will soon announce a COLA increase. In fact, it won’t be available until October 12th. However, it is more than likely that the predictions will come fairly close to the actual amount.
Prepare For 2022 Social Security Boost
The Senior Citizens League says the new COLA increase could be about 3.2%. That’s why this is a positive thing because it means you could get more money from Social Security if it turns out to be true.
First of all, you should get rid of negative thoughts. Thinking that the 2024 COLA increase is unnecessary is not good for your financial situation. In fact, your motto should be that every little bit counts.
As of August 2023, the SSA says the average pension check is about $1,840. So with the new Social Security COLA increase, you can get almost $60 more per month.
Those who still believe that $60 a month is not much should think about the total amount in 12 months. That could be around $720 in one year.
Why You Might Pause Social Security Benefits Now To Get More Money Later
Now, those who believed that wasn’t enough Social Security money can agree that getting a $720 check isn’t so bad. If $60 a month doesn’t make a difference, put it in a piggy bank and you can have an emergency fund by the end of the year.
This extra money can also be useful for investing. Those who have loans or credit card debt need to get rid of them as soon as possible with that extra money. Another way to spend it can be to treat yourself and get some gifts from Social Security with that money.
If you are a generous person and don’t need more money, you can donate and help others. More often than not, most seniors may have to spend that COLA money on groceries due to skyrocketing prices. Free Article Join over half a million premium members for more in-depth stock advice and research
You are reading a free article with opinions that may differ from The Motley Fool’s premium investment services. Become a Motley Fool member today and get instant access to our top analyst recommendations, in-depth research, investment resources and more. More information
Extra Social Security Payments In July 2023: In Which States Are They Awarded And What Are The Dates?
There are several different factors that determine your Social Security benefit, including how many years you worked and how much you earned in your 35 highest-earning years. However, the factor most under your control as you approach retirement is the age at which you begin receiving your benefits.
Most workers in the US can choose to start their Social Security benefits as early as age 62 or as late as age 70. Of course, it’s not practical (or necessary) for everyone to wait until the last possible moment, but you might be surprised. how much of a difference your claimed age can make. In fact, if you’re a lifetime earner, waiting until age 70 can net you an extra $1,983 in your Social Security check, or nearly $24,000 more.
With that in mind, here’s how your claim age affects your benefits and why you should think twice before claiming early.
For Social Security purposes, full retirement age is the age at which you are eligible for a full Social Security benefit, as calculated using the benefit formula in effect at the time you become eligible. Or simply put, it’s the age at which your dose won’t be reduced for early submission or increased for late submission.
Should We Eliminate The Social Security Tax Cap? Here Are The Pros And Cons
The full retirement age for most American workers is currently set at 67. This is the full retirement age (FRA) for workers born in 1960 or later. If your year of birth is before 1960, your full retirement age is slightly earlier.
To illustrate how this works, let’s consider an example. Let’s say your full retirement age is 67, and that
