The federal government is set to increase Social Security benefits by $600 to maintain purchasing power amidst inflation, providing disability insurance and retirement income to over 67 million individuals.
(Credit: Econlib)
Social Security $600 Increase: To keep their purchasing power in the face of inflation, social program beneficiaries must receive the Cost-of-Living Adjustment (COLA). In the upcoming weeks, the much anticipated $600 boost in Social Security benefits that the federal government announced will take effect. To find out when you will receive your rise, continue reading.
Social Security offers disability insurance to over 67 million individuals and retirement income to retired workers. The federal government modifies each beneficiary’s annual amount so that inflation doesn’t lower their standard of living.
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One of Social Security’s programs is Social Security Disability Income (SSDI), which is deposited on Wednesdays of the month in a staggered manner. Your birthdate determines the day of your deposit.
Starting in June, the government-approved increase will be included in monthly payments according to the standard SSDI deposit schedule.
On June 12, recipients who were born between the first and tenth of the month will get their money. This year, Juneteenth will be celebrated on June 19, which falls on the third Wednesday of June. Due to this, individuals who were born on Tuesday, the 18th, and on Wednesday, the 20th, will receive their monthly payout.
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Lastly, on Wednesday, the 26th, recipients whose birthdate falls between the 21st and the 31st of the month will get their deposit. Your payment is sent on the first of the month if you started receiving Social Security benefits before May 1997.
If you receive both Social Security and Supplemental Security Income (SSI), you are required to receive your deposit on the first and third of each month, respectively.
No, is the succinct response. The deposit will be carried over to the next working day if the SSDI or SSI paycheck falls on a weekend or holiday.
Lastly, the Social Security Administration advises waiting three mailing days if your check does not arrive on the appointed day. Once that time has passed, get in touch with your bank to make sure there isn’t an issue there.
Visit your local Social Security office or give the beneficiary service number a call if the issue isn’t with your bank.
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