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Newsweek
5 days ago
- Business
- Newsweek
Some Social Security Recipients Won't Get Paid in June. Here's Why.
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. Some Social Security recipients will not receive a payment this month. While payments are typically sent to those on Supplemental Security Income (SSI) on the first of the month, June payments will be skipped. This is because when the first day of the month falls on a weekend or holiday, SSI payments are issued early. Why It Matters More than 7 million Americans rely on SSI payments monthly. The benefits are available to those who are disabled or age 65 and older with limited resources. Fluctuations in the payment schedule can mean that beneficiaries may have to plan around new payment dates to ensure their housing and food costs are covered. Why Won't Some Social Security Recipients Get Paid This Month? While recipients will still receive payment, those on SSI should not expect to receive a payment this month. Because of the way the days fell on the calendar, June payments were sent out early, as June 1 falls on a weekend. That means that while there is no payment in June, SSI recipients received two payments in May. SSI Check: Payment Schedule SSI checks will be sent as follows, according to the Social Security Administration schedule: Friday, May 30, 2025 (Check for June 2025) Tuesday, July 1, 2025 (Check for July 2025) Friday, Aug. 1, 2025 (Check for August 2025) Friday, Aug. 29, 2025 (Check for September 2025) Wednesday, Oct. 1, 2025 (Check for October 2025) Friday, Oct. 31, 2025 (Check for November 2025) Monday, Dec. 1, 2025 (Check for December 2025) Wednesday, Dec. 31, 2025 (Check for January 2026) A Social Security Administration office in Washington, D.C., as seen on March 26, 2025. A Social Security Administration office in Washington, D.C., as seen on March 26, 2025. SAUL LOEB/AFP via Getty Images What Is the Highest Check You Can Get From Social Security? The maximum amount for a Social Security payment is $5,108 per month in 2025. However, getting this amount of money is rare and depends on several factors. The amount depends on your earnings history, your date of birth, and the date you filed for benefits. If you paid more into the SSA, you'll subsequently get more money when you retire. The same applies to those who wait longer to file, as payment amounts increase based on the filing age. At What Age Is Social Security No Longer Taxed? Depending on your circumstances, Social Security can be taxed at any age. If your taxable income is higher than the standard deduction for your filing status, you'll need to file a tax return. That means seniors who have Social Security and an income above the standard deduction might have to include benefits in their taxable income. What People Are Saying Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek: "Getting a check deposited a day or two early is never an issue as the funds will be available for use at about the same time of the month as usual, which should be a relief for those who rely heavily on Social Security for their retirement income." Kevin Thompson, the CEO of 9i Capital and the host of the 9innings podcast, told Newsweek: "This is not a problem, just more of a timing issue. It is the same when the 31st falls on a weekend and you may receive your ach deposit 3 days prior from your wages. The only issue with this payment is that it may not align with the normal timing of recurring charges." When Will The Next Payment Be Made? The next SSI payment will be issued on Tuesday, July 1. Until then, recipients will have to make their June payment, which was sent in May, last. "Just remember that you are being paid more in May and may not see payment in June and be prepared for that eventuality," Thompson said.
Newsweek
5 days ago
- Business
- Newsweek
List of Stores Closing in June
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. Major retailers like Walgreens, Rite Aid, McDonald's CosMC, and TD Bank locations are all preparing to bid farewell to customers in June. Why It Matters Companies close store locations for many reasons. While shifts in consumer shopping behavior and lower demand can cause stores to close, corporations often choose to shutter underperforming locations. The retail sector faces several challenges in today's economy. Many shoppers have turned to online platforms, causing companies to reassess their brick-and-mortar presence. More than 2,500 store closures are planned across the United States this year, according to The Mirror. A Walgreens in San Francisco, California, as seen on April 30, 2025. A Walgreens in San Francisco, California, as seen on April 30, 2025. Smith Collection/Gado/Getty Images What To Know Closures scheduled for this month include: All McDonald's CosMC locations 38 TD Bank locations 47 Rite Aid stores Walgreens locations McDonald's is closing all five of its CosMC locations after launching the small-format stores in 2023. These units specialized in beverages while offering limited food options. "What started as a belief that McDonald's had the right to win in the fast-growing beverage space quickly came to life as a multi-location, small-format, beverage-focused concept," McDonald's said. "It allowed us to test new, bold flavors and different technologies and processes – without impacting the existing McDonald's experience for customers and crew. By creating a learning lab – in a way that only McDonald's can – the CosMc's team was able to test and learn in real customer-facing environments, which allowed for greater agility and speed. Quick adds and edits to the menu based on feedback led to more focused choices for our fans as the test continued." The chain reported that same-store sales declined 3.6 percent in the first quarter of 2025 compared to the same period in 2024. "CosMc is just another example of a failed experiment," Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek. "I think they were trying to compete with the likes of Starbucks and Sonic with the beverage-focused drive-thru and drive-in concept, and it simply did not produce enough sales to justify a stand-alone location." TD Bank is closing 38 locations, with six of them slated for Massachusetts. Despite this, TD Bank opened two new locations in New York (Brighton Beach in Brooklyn and Jerome Avenue in the Bronx) and one store in Boston (Nubian Square). For Rite Aid, 47 stores have been identified across nine states to close as the company navigates a bankruptcy filing. Nearly all of the 1,240 stores will likely be listed for sale eventually, but customers can use gift cards or rewards until June 6. Walgreens will also be shuttering 1,200 underperforming stores across the span of three years. CEO Tim Wentworth previously said the drugstore chain had closed 2,000 stores over the last decade. "We are confident it will yield significant financial and consumer benefits over the long term," Wentworth said. The company reported a $3 billion loss in the last quarter of fiscal year 2024, an increase from the $180 million loss in the prior year. June closures include Salinas, California; Jacksonville and Miami, Florida; Chicago, Illinois; Pleasantville, New Jersey; New York City and Syracuse, New York; Durham and Raleigh, North Carolina; Garfield Heights and Reynoldsburg, Ohio; Bremerton, Washington. Several stores are also closing in West Virginia and Massachusetts. West Virginia Clendenin, Elk River Road N. – June 25 Follansbee, Main Street – June 11 Mullens, Moran Avenue – June 23 New Martinsville, 3rd Street – June 10 Oceana, Cook Parkway – June 26 Whitesville, Lewis Street – June 24 Massachusetts Brockton, Pleasant Street – June 23 Fall River, S. Main Street – June 26 Gloucester, Eastern Avenue – June 23 Springfield, Boston Road – June 24 Swansea, Wilbur Avenue – June 23 Webster, Main Street – June 24 Worcester, Grafton Street – June 25 "Walgreens kept adding retail locations for too long in the face of increased competition," Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek. "Foot traffic has slowed for Walgreens as more big-box stores and online outlets added pharmacy services. Add to slower sales the evermore stringent regulations, decreased reimbursements, and increased cost of they can weather that storm for a while, the only survival plan is to close more retail locations." What People Are Saying Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "For some major retailers, 2025 is becoming a year of consolidation. Retail locations that have struggled in recent years to remain profitable due to rising costs and less demand are being shuttered, as companies focus their efforts on more successful stores. The hope is these closures will ultimately produce more fiscal and operational efficiency, but it will come at the cost of customers who favored these locations having fewer options." Michael Ryan, a finance expert and the founder of told Newsweek: "These aren't random casualties; they're strategic amputations of unprofitable limbs to save the corporate $15+ minimum wages to supply chain inflation, all crushing their razor-thin margins. Combine this with the march of e-commerce and changing consumer habits post-pandemic, physical retail becomes a luxury many companies can no longer afford." Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "From day one, CosMc's felt like a misstep, but let's not forget McDonald's isn't just a burger joint; it's a real estate empire. This was an unfortunate experiment that did not pan out the way they had hoped." What Happens Next Beene called the closures by many of the companies a "smart move." "We've seen many retailers face bankruptcy before finally scaling back. It's a good sign these retailers are being more proactive," Beene said. However, consumers should expect longer drives to pharmacies and fewer banking branches. "The companies making these cuts are trimming fat. Convenience now trumps proximity, and efficiency will beat ubiquity every time," Ryan said.
Newsweek
23-05-2025
- Business
- Newsweek
Nearly Half of Gen Z Is Lying on Job Applications
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Nearly 50 percent of Gen Z admitted to lying on their job applications, significantly higher than their older co-workers, a new survey said. The age cohort born between 1997 and 2012 was the most likely to lie or exaggerate on their job applications, with 47 percent of young workers admitting to doing so in a report. Why It Matters Gen Zers have already earned a somewhat negative reputation in the workforce. In a recent report, one in six businesses said they were hesitant to hire recent college graduates over concerns about how prepared they are for the work as well as their communication skills and professionalism. And six in 10 employers had already fired college graduates who were hired in 2024. One in seven said they might refrain from hiring new college grads in the next year as well. The LinkedIn app on a mobile phone. The LinkedIn app on a mobile To Know While some employers complain of Gen Z's work ethic once they get the job, it turns out many may also be exaggerating or even lying on their job applications. Nearly half, 47 percent, said they had exaggerated on their job applications, compared to 38 percent of millennials, 20 percent of Gen X and just 9 percent of baby boomers in the survey of 1,000 full-time workers. Across all age groups, one in four respondents admitted to lying, exaggerating or providing inaccurate information on their job applications. That can result in serious consequences for businesses, as reported that a bad hire can cost a business 30 percent of the employee's first-year earnings. For those who admitted to lying on their applications, 23 percent said they exaggerated their responsibilities in a past role, while 22 percent said they worked somewhere they never did. Men were more likely to lie on their job applications, with 33 percent admitting to the practice compared to just 21 percent of women. What People Are Saying Amanda Augustine, a certified professional career coach, in the report: "If you're worried that your experience isn't a perfect fit for a position, focus on reframing your information rather than falsifying Your resume is a marketing tool. While it's not necessarily a legal document, it also can't be a work of fiction. Its job is to present your skills and experience—your career story—in the best possible light without misrepresenting your qualifications." Drew Powers, founder of Illinois-based Powers Financial Group, told Newsweek: "Exaggeration on a job resume or application is just par for the course across all generations. Gen Z currently has the least amount of time in the workforce, and therefore the most entry-level job experience. Is a business owner more likely to hire someone whose experience is listed as 'waitstaff' or 'Hospitality Experience Specialist'?...We cannot blame Gen Z for their youth, and I'm OK with a little artistic hyperbole. At least it shows some level of creativity." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "While some are asking 'Why would Gen Z lie on job applications?' the better question may be 'Does Gen Z think they are actually lying in professional settings?' Being the first generation raised in the social media age, some of Gen Z really believe perception equals reality, and in the same way they may exaggerate their image or status when sharing with friends and family on an app, they may see little wrong with adding embellishments when applying for new opportunities. Of course, the downside is if they don't have the skills to match their claims, they could very quickly find themselves overwhelmed in the workplace or—even worse—without a job." HR consultant Bryan Driscoll told Newsweek: "Lying on a resume isn't illegal. Promising competitive pay and delivering $17 an hour should be. Gen Z isn't the problem. Our job market is. Candidates today are navigating a system that rewards performative hustle, punishes honesty and ghosts candidates after asking for five rounds of interviews and multiple hours of free work." Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "To be completely fair to Gen Z, those numbers are probably more in line historically. We probably don't have any true data as to how many lied on applications in the '50s, '60s or '70s, but I would venture to guess it wasn't absent any embellishment." What Happens Next Many hiring experts expect that candidates will embellish a bit on their job applications, especially if they're entering into an entry-level job. "Of course candidates exaggerate. Employers do it constantly in job descriptions. 'Fast paced environment' means understaffed. 'Family culture' means no boundaries or balance. 'Opportunity for growth' usually means there isn't any," Driscoll said. "We can argue ethics and morality until we're blue in the face, but this is about survival in a broken system."
