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Newsweek
3 days ago
- Business
- Newsweek
Social Security Benefits: Payment Worth Up to $5,108 Due This Week
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Another round of Social Security payments is scheduled to be made this week for beneficiaries across the country. Why It Matters The Social Security Administration pays retirement, disability and survivor benefits to more than 70 million Americans, forming a bedrock of income for those who are retired, disabled or the survivor of a deceased worker. Payments are administered on a monthly basis and paid in one lump sum for most recipients. Because of the large number of recipients, not every claimant receives their payment on the same date each month. Benefits Paid This Week On Tuesday, June 3, benefit payments are scheduled to be made to those who have been collecting checks since before May 1997 and those who also collect Supplemental Security Income benefits. Anyone who doesn't receive their payment on the expected date should allow three working days before contacting Social Security. Saturdays, Sundays and public holidays are not working days. A stock image of a Social Security card with U.S. dollars. A stock image of a Social Security card with U.S. dollars. GETTY How Much Is Social Security? The average Social Security retirement benefit is $1,976 per month as of January 2025, but the beneficiary's lifetime earnings and years spent paying Social Security taxes determine the actual amount. Up to $2,831 can be earned each month by retiring at age 62, and up to $4,018 can be earned by claiming at full retirement age, which is 67. The upper limit increases to $5,108 for those who wait until they are 70. Benefits increase in line with inflation every year thanks to the Cost of Living Adjustment (COLA). The definitive answer for how much benefits will rise next year is not set in stone and is expected to be officially announced in October. Based on current economic conditions, the Senior Citizens League (TSCL) forecasts the COLA for 2026 to be 2.4 percent, which is slightly lower than the 2.5 percent annual boost for benefits in 2025. It would also be the lowest annual increase since 2021. High inflation during the coronavirus pandemic led to considerably higher-than-average COLAs of 5.9 percent in 2022 and 8.7 percent in 2023. "If our predictions come true and the 2026 COLA comes in at the lowest we've seen since 2021, seniors will face additional pressure at a time when they're already strained financially," TSCL executive director Shannon Benton said last month in a prediction update. "Our research shows that 73 percent of American seniors rely on Social Security for at least half their income, with 39 percent depending on the program for all of their income." Further Payment Dates In June, benefits are scheduled to be paid on the following dates:
Hindustan Times
23-05-2025
- Business
- Hindustan Times
Social Security payments: June 2025 schedule, key dates, and important changes
Social Security payments for June are just around the corner. But with the multiple changes in who receives how much and when, it can be difficult to keep a track of what's going on in order to plan for your month ahead. The Social Security Administration defines Supplemental Security Income (SSI) as 'monthly payments to people with disabilities and older adults who have little or no income or resources'. Though the amount of people eligible to access this program are severely limited, individuals who earn no more than $2,019 from work each month along with facing severe disadvantages on various other measures like disability benefits, unemployment and pensions are eligible to access this payment. Though the payment is scheduled to arrive at the 1st of each month, this time your June SSI payment will be arriving on 30th May itself. Since the 1st of June is a Sunday, the SSA issues payments on the weekday prior to that so that beneficiaries can avoid default payments and plan their upcoming month in advance. The retirement, disability and survivor benefits of Social Security are distributed across one of three Wednesdays of the month for beneficiaries who began receiving their benefits after May 1997. If your birthday is between the 1st and the 10th, your Social Security payments will arrive on the second Wednesday of each month. If your birthday is between the 11th and the 20th, your Social Security payments will arrive on the third Wednesday of each month. If your birthday is between the 21st and the 31st, your Social Security payments will arrive on the fourth Wednesday of each month. The schedule, however, carries a few exceptions as well: Payment to children or spouses who receive benefits based on someone else's work record will be processed on the same day as the primary beneficiary. Individuals who receive both Social Security benefits and SSI will receive Social Security on the 3rd of the month. Individuals whose payment date falls on a federal holiday or weekend will be paid on the weekday immediately prior. In addition, those who have their Medicare premiums paid for by the states in which they live and those who live in a foreign country will receive their payments on the 3rd of every month. The Cost of Living Adjustment is usually measured in tandem with the Department of Labor's Consumer Price Index and is meant to protect purchasing power in the midst of inflation. The 2.5% COLA increase in benefits will remain in effect making the average monthly benefit $1,976. This means that the average retirement benefit for couples will increase to $3,089 per month, $1,832 per month for surviving spouses, $3,761 monthly for widows with atleast two children, $1,580 per month for disabled workers and $2,826 for disabled workers with a spouse and one or more children. Following the backlash faced by SSA earlier this year for rehashing a 100% monthly benefit for overpayments, the new regulations passed in April have lowered the rate to 50%. This means that the SSA can only withhold up to 50% of your benefit if you fail to file a waiver, appeal or payment plan on receiving an overpayment letter. You can also ask for a reduction in recovery rate if you are experiencing financial difficulties of any sort. In-person identity checks are now required for those applying for retirement or survivor benefits outside of the online system to minimize frauds. Those applying for SSI, Medicare or Social Security benefits can also complete the verification requirements over telephonic call if need be. However, if you choose not to use your SSA account, be ready to face delays when you go to the SSA office. Under Elon Musk's control, the Department of Government Efficiency (DoGE), has significantly reduced the fiscal and human resources invested in the SSA. As a result, be prepared to deal with longer waiting durations for appeals, error correction and telephonic assistance. You can either sign up to receive your Social Security payments via direct deposit or via a Direct Express card which allows you to directly access benefits without a bank account. Direct deposit payments arrive earlier on while mailed checks can take more time.
Newsweek
12-05-2025
- Business
- Newsweek
Social Security: Payments of Up to $5,108 Going Out This Week
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A new round of Social Security will be landing in bank accounts this week. Why It Matters The Social Security Administration (SSA) pays benefits to tens of millions of Americans, forming a bedrock of income for those who are retired, a survivor of a deceased worker or are disabled. Payments are made every month, and the majority of recipients get their money in one lump sum. But given that there are several types of benefits going out to 70 million payees, not every claimant receives their money at the same time. What To Know Retirement, survivor and spousal benefits, are distributed at different times, based on either the recipient's birth date or the length of time they've been receiving payments. This week, benefits will be paid out on Wednesday, May 14. This payment date applies to anyone born between the 1st and 10th of any given calendar month. Stock image/file photo: Social Security cards with U.S. dollars. Stock image/file photo: Social Security cards with U.S. dollars. GETTY How Much Is Social Security Can I Get? If you start collecting Social Security benefits at Full Retirement Age—currently 67—the maximum monthly payment is $4,018. Claiming benefits early at age 62 reduces that maximum to $2,831, while waiting until age 70 can increase it to as much as $5,108 per month. These amounts represent the highest possible payouts, but your actual benefit will depend on factors like your lifetime earnings and how long you've paid into Social Security. As of January 2025, the average monthly retirement benefit was $1,976. Benefits increase in line with inflation every year thanks to something known as the Cost of Living Adjustment, or COLA. The definitive answer for how much benefits will rise next year is not set in stone, and will be officially announced in October this year. The Senior Citizens League (TSCL) has forecast the COLA for 2026 will be 2.3 percent, which is based on current economic conditions. But President Donald Trump's widespread tariffs mean this prediction could change dramatically as the year continues, and could also have significant impacts on the finances of beneficiaries. "Placing broad-based tariffs on goods from numerous countries could have a profoundly negative impact on the daily lives of seniors, including the costs of drugs and medical equipment that many seniors rely on," TSCL executive director Shannon Benton said in a statement. "It is also highly likely that import taxes will keep food prices high, increase auto insurance costs, and contribute to higher inflation, among other effects." What Happens Next More payments are scheduled for later in the month:
CBS News
01-05-2025
- Business
- CBS News
Proposed Howard County budget has educators concerned about contract renegotiations
With Howard County facing budget shortfall, teachers may have to renegotiate contract With Howard County facing budget shortfall, teachers may have to renegotiate contract With Howard County facing budget shortfall, teachers may have to renegotiate contract As the fight continues to get more funding for Howard County's school district, educators worry their recently approved contract will have to go back to the negotiating table. In his proposed operating budget, County Executive Calvin Ball allocated $800 million to the Howard County Public School System. This is much lower than the more than $1.2 billion that district leaders requested. School district leaders, staff, faculty and families had their first opportunity to advocate for more funding at a public hearing with the Howard County Council Wednesday. Many in the audience were educators who said they need more money not only to stay in their jobs, but also to bring in others to help address the issues in the school district. Howard County teachers' contract in limbo For the first time in years, the Howard County Education Association (HCEA) has a multi-year agreement for salary. It was overwhelmingly approved by the union's more than 6,300 members, after they came to an agreement with the Howard County Board of Education last month. Benjamin Schmitt, HCEA's president, said the agreement improves the Cost of Living Adjustment, or COLA, step pay, and it improves pay for special educators. "Hopefully, it provides some security to membership to know that not only is everything locked up in the contract for the next three years, but that also includes health care," Schmitt said. But now, the contract's future is up in the air, as the county's budget process is underway. Under the current allocation for the school system, at least $29.3 million more is needed to cover employee pay and benefits – which include HCEA's contract." Overall, though, the district is hoping for at least $54.3 million to close the gap and balance its budget. When he unveiled his proposed FY26 operating budget last week, Ball said the school district's allocation is sufficient. "Our top priority in the FY26 budget was to direct significant resources to the Howard County school system, to support our unparalleled education system," Ball said on April 21. The need to retain teachers Better pay is essential for recruiting, as the district struggles to keep teachers. One of the ripple effects is overcrowding. "My son spent his fourth-grade year crammed in a resource room. The students' desks were crammed together without any space for kids," Amy Shane said during Wednesday's public hearing. Teachers are also being forced to take on more, with some teachers being shuffled around the school district as well. Annie Long is a social studies teacher at River Hill High School. She said during the last school year, 17 teachers were transferred out. This year, five more teachers are expected to be transferred out. Because of this, Long said she'll have to teach four courses next year, three of which are brand new to her. "I need time to plan and prepare, not spin my wheels learning curriculum standards for yet another new course or searching for materials," Long said. It took five months to come to an agreement over HCEA's contract. Schmitt said his union doesn't want to go back to the table with it. "I'm fairly certain central office leadership and the superintendent does not want to get into a situation where we are renegotiating. At the same time, we don't either," Schmitt said.
Yahoo
30-04-2025
- Business
- Yahoo
How Much of a Raise Should You Ask for To Balance Out Inflation?
If you're seeking a pay raise this year to help balance out prolonged inflationary pressure, rising cost of living or even tariff-induced sky-high grocery bills, there is some good news. Everything seems up in the air under the new White House administration and its Department of Government Efficiency (DOGE), meaning employers are desperate to find and keep good workers, which gives you more bargaining power. For You: Read Next: The tricky part is figuring out how much to ask for. The U.S. inflation rate is estimated to be about 2.4% (Core inflation, which excludes volatile food and energy prices, is closer to 2.8%) per the latest CPI data. The obvious solution is to ask for a pay raise of say 3% or so to at least cover inflation. So, if your current salary is $60,000, a 3% raise would be $1,800. Though this seems pretty straightforward, that's not always the best strategy, according to many experts. Your first order of business should be to research pay rates not only for your specific industry and job, but also average pay raises across all industries. Traditionally, employers base raises on job performance rather than cost-of-living considerations. Cost of Living Adjustment (COLA) raises are often considered a typical to expected annual boost to your paycheck, but that is not always the norm anymore. Companies today may even disguise what should be considered a COLA bump as a 'merit raise' or annual performance-based increase, offering anywhere from 0% for an average or underperforming employee to 3% for the top earners. However, annual raises in the United States typically range between 3% to 5% in general anyway. So, if you are lucky enough to get an automatic pay pump each year, it won't necessarily add any money to your bank account, as it will just help you keep pace with inflation. To ensure that your raise results in real wage growth, you might consider asking for a bump in pay that outpaces inflation, such as a minimum of 10% for standard work performance. Normally, asking for that high a raise is risky. But these aren't normal times, as several economic factors are relevant for thinking about salary negotiations right now, such as a pending recession, skyrocketing cost of living and a dramatic increase in food costs. Consider This: The bottom line is that if you don't ask, you won't receive, but you might consider asking for a raise that aligns with what job switchers have received rather than what job holders have received. In this case, you can use the current inflation rate as a base for your request, then ask for a little additional money tied to your job performance. Even if you don't get the raise you want, experts suggest asking for other perks such as bonuses or flexible work arrangements that can help you save money. For example, working from home part of the time can cut down on commuting costs — a huge consideration during an era of record-high gas prices — as well as on things like dining out for lunch or grabbing a quick bagel and coffee on the way to work. Vance Cariaga contributed to the reporting for this article. More From GOBankingRates 5 Types of Vehicles Retirees Should Stay Away From Buying 4 Affordable Car Brands You Won't Regret Buying in 2025 4 Things You Should Do if You Want To Retire Early 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth This article originally appeared on How Much of a Raise Should You Ask for To Balance Out Inflation? Sign in to access your portfolio
