A big Social Security money check will now hit accounts depending on the date of your birth very soon, various sources are reporting.
Social Security recipients can find their March check of up to $4,873 in their accounts right now, reports The US Sun.
COLA recipients with birthdates after the 21st of the month collected their checks on March 27.
COLA means the cost-of-living adjustments.
Legislation to enact COLA passed in 1973.
COLA is intended to offset inflation and a formula is set to determine how much the amount rises or drops each year.
Beneficiaries born between the 11th and 20th of the month received their payment on March 20.
Those with a birthday between the first and 10th of the month already got their money on March 13.
The maximum COLA amount for this year 2024 is $4,873, and the average amount paid is $1,907.
2024 payments are $58 higher on average than the benefits sent out in 2023.
For this month of April, depending on a recipient’s birthday, they will receive a payment on April 10, 17, or on the 24th.
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Also Read: Retirees Will Now Receive More Money For Social Security
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Raising the age for social security will mean massive impact for the growing demographic of those who rely on assistance.
House Republicans unveiled a plan last week that calls for raising the Social Security retirement age, reports CNBC.
“Both Social Security and Medicare face looming insolvency dates, while the number of senior [citizens] who rely on those programs is projected to grow.”
Republicans’ budget proposal calls for “modest adjustments” to the retirement age to reflect longer life expectancies, though it did not specify how high the age could go up.
Social Security’s full retirement age — when beneficiaries may receive 100% of the benefits they’ve earned — is currently 67 for people born in 1960 or later.
The plan also calls for reducing full retirement age benefits for high-income earners, while also limiting and phasing out “auxiliary benefits” for those beneficiaries’ spouses and dependents.
The budget did not specify the income thresholds to which those changes would apply.
“There is a lot of willingness and openness on the Republican side of the aisle to reduce Social Security benefits for high earners,” said Emerson Sprick, associate director of economic policy at the Bipartisan Policy Center.
The Republican Study Committee budget calls for “Making Social Security Solvent Again.”
The reforms would be gradually phased in and “affect no senior in or near retirement,” according to the plan.
Ultimately, the goal for the changes is to make Social Security’s retirement trust fund “sustainably solvent.”
The Republican budget proposal would restructure Medicare so beneficiaries receive premium support subsidies, which they may use to pay for either through federal traditional Medicare or private Medicare Advantage plans.
The amount of the subsidies would be based on a benchmark that would be chosen after testing several options, according to the plan.
To help shore up Social Security’s shortfall, Biden’s budget calls for the “highest-income Americans to pay their fair share.”
“Under my plan nobody earning less than $400,000 will pay an additional penny in federal taxes,” Biden said during his State of the Union address earlier this month.
The president’s budget proposal also calls for improving Social Security and Supplemental Security Income benefits for retirees and individuals with disabilities who “face the greatest challenges making ends meet.”
Biden’s budget also aims to shore up Medicare in keeping with changes he has previously proposed.
That includes raising the Medicare tax rate on both earned and unearned income from 3.8% to 5% for those earning more than $400,000.
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Also Read: New Social Security Benefit Will Now Save Beneficiaries
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