Social Security checks worth up to $943 for individual filers and up to $1,415 for couples will begin going out each month starting on Monday, April 1, depending on the category recipients applied for with the payment.
The monthly installments will go to recipients of the Supplemental Security Income (SSI) program, which covers people with low income and a serious disability that makes it difficult for them to engage in work activities. According to the Social Security Administration (SSA), both adults and children might be eligible for SSI if they have little or no income, little or no resources, a disability or blindness, or are 65 or older.
According to the Center on Budget and Policy Priorities, 7.5 million people collected SSI benefits in May 2023.
People who live with SSI recipients and are considered essential caretakers can also qualify for a smaller monthly check. Anyone considered an "essential person" for an SSI recipient will get a payment of up to $472 each month starting from Monday.
The SSI payments have increased by 3.2 percent from 2023 due to inflation.
Every year, the SSA changes the amount of the average monthly retirement benefits for the program's recipients based on the cost-of-living adjustment, or COLA. COLAs are calculated based on increases in the Consumer Price Index for Urban Wage Earners and Clerical Workers, the CPI-W.
The latest COLA of 3.2 percent was significantly lower than that of the historic boost of the year before of 8.7 percent, though it still offered a modest boost to 71 million Americans.
While SSI beneficiaries receive their checks on the 1st of every month, Social Security recipients normally get theirs on the 3rd. If you are not sure when you are going to get your payment, you can check the SSA calendar here.
The current state and the future of the Social Security program are going to play a big role in the 2024 presidential election, which is almost certainly going to be a rematch between Joe Biden and Donald Trump.
The program is facing a financial shortfall which has worried lawmakers and experts, who warned that the fund's reserve might become depleted by 2034 and cause recipients to possibly receive only 78 percent of their full benefits.
"The hard facts are that the system's revenues are insufficient to pay the full amount of scheduled benefits, starting in 2033," Gal Wettstein of the Center for Retirement Research at Boston College previously told Newsweek. "At that time, ongoing revenues are projected to be sufficient to cover roughly three-quarters of scheduled benefits. The only levers we can pull are revenue increases, benefit cuts, or some redistribution of benefits from one group to another."
While a reform of the system is urgently needed, Biden has warned that Social Security might be threatened by a potential Trump victory in November, portraying himself as the candidate who would protect the program.
"Donald Trump was just one vote away from repealing the Affordable Care Act," he wrote on X, formerly known as Twitter, last week. "Now, he's determined to try again, running to 'terminate' it—and cut Medicare and Social Security while he's at it."
During his time in office, Trump supported cuts of billions of dollars in Social Security for disabled seniors, and has recently hinted that he might be open to more cuts should he return to the White House.
Update, 3/29/24 11:30 a.m. ET: This breaking news story was updated to include more background information on the topic of Social Security.
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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
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