Miami, Florida – Some recipients of Social Security payments will receive additional funds this week. The Social Security Administration has confirmed that retirees who filed for benefits after May 1997 and have birth dates ranging from the 1st to the 10th will be receiving an extra payment on March 13th.
In addition to the regular benefit amount, these beneficiaries will also receive an extra 3.2% on their checks due to the cost of living adjustment made last October. This adjustment aims to help retirees and beneficiaries keep up with inflation and cover essential expenses such as housing, food, healthcare, and transportation.
The payment schedule for Social Security benefits can vary based on several factors. For example, individuals receiving Supplemental Security Income (SSI) may have a different timeline for payments. The Schedule of Social Security Benefit Payments 2024 outlines the payment dates based on birth date range, ensuring that beneficiaries receive their payments promptly.
The legislation proposed in Congress suggests raising Social Security payments by $200 per month for existing recipients or those turning 62 in 2023. Senator Bernie Sanders of Vermont emphasized the importance of increasing benefits for seniors and individuals with disabilities to ensure financial stability and dignity in retirement.
To fund the proposed increase in Social Security payments, the legislation aims to raise the wage limit subject to Social Security taxes. Currently set at $162,000, this cap would be lifted to include all income over $250,000, contributing to the sustainability of the program.
Overall, the additional payments and proposed legislation seek to address the financial needs of retirees and individuals with disabilities, underscoring the importance of social security benefits in providing a safety net for vulnerable populations.