Latest news with #ShannonBenton
Time of India
8 hours ago
- Business
- Time of India
Social security windfall: Retirees could see up to $5,108 deposited this week - who qualifies for the payout
Social Security August 2025 payments : Millions of Americans who depend on Social Security will see their weekly payments this week, with some retired workers possibly receiving deposits of up to $5,108, the top benefit for people who waited until age 70 to start receiving, as per a report. Social Security Payments Arriving This Week The Social Security Administration (SSA) handles payments for more than 70 million recipients, such as retirees, disabled workers, and survivors of deceased wage earners, according to Newsweek. In order to process this huge volume of recipients, the agency distributes payments throughout the month, as per the report. This Wednesday, August 20, those who get retirement, spousal, or survivor benefits and have birthdays between the 11th and 20th of any month will receive their payments, as per the Newsweek report. ALSO READ: Meet Nick Molnar: The man behind Afterpay's buy now, pay later platform, who sold it for $29 billion How Much Can You Expect? Average vs. Maximum Benefit Breakdown On average, Social Security benefits were around $2,002 a month as of May 2025, according to the report. But what you get depends a lot on your lifetime earnings and when you start collecting, as per the Newsweek report. Live Events A SSA spokesperson explained that "The average Social Security benefit amount changes monthly," adding, "Social Security benefits are based on a worker's highest 35 years of earnings. As wages tend to rise over time, each new group of retirees raises the average benefit amount, since their benefit calculations typically reflect higher earnings," as quoted in the report. If you start at the earliest age of 62, you could get up to $2,831 per month, waiting until full retirement age of 67 years raises that to a maximum of $4,018, reported Newsweek. But if you hold off until age 70, you could receive the highest possible payout, $5,108 each month, according to the report. ALSO READ: MSNBC to ditch its name and iconic peacock logo — say hello to MS Now this year COLA Increase Coming in 2026: What Retirees Can Expect Social Security payments increase yearly to keep up with inflation through a cost-of-living adjustment, or COLA, as per the report. This year's increase was 2.5% and took effect in January 2025, according to Newsweek. The Senior Citizens League (TSCL), a nonprofit that tracks these adjustments, has raised its outlook for next year, it expects next year's COLA to be a bit higher, around 2.7% due to rising prices, reported Newsweek. TSCL executive director, Shannon Benton said "With the COLA announcement around the corner, seniors across America are holding their breath," as quoted in the report. Benton added that, "While a higher COLA would be welcome because their monthly benefits will increase, many will be disappointed. TSCL's research shows that many seniors believe the COLA does not adequately capture the inflation they experience," as quoted in the Newsweek report. The official COLA for 2026 will be announced by the SSA in October and would start showing up in payments from January, according to the report. ALSO READ: Giant Wyoming data center to guzzle 5x more power than residents, but the user remains secret Missed Your Check? Upcoming Social Security Payment Dates to Know If your payment doesn't arrive on August 20, there are more dates to watch for: August 27: Payments go out to those with birthdays between the 21st and 31st, as per Newsweek. August 29: Supplemental Security Income (SSI) payments will be sent early this month because September 1 is Labor Day, according to the report. If you don't get your payment when expected, it's best to wait three working days before contacting SSA to check, as per the Newsweek report. ALSO READ: 10 must-change iOS 18.6 settings that'll make your iPhone feel like day one again FAQs When will I get my Social Security check this month? If your birthday falls between the 11th and 20th, you'll receive your payment on Wednesday, August 20, as per the Newsweek report. What if I don't receive my payment on time? Wait three business days, then contact the SSA if the payment hasn't arrived, as per the Newsweek report.
Newsweek
17 hours ago
- Business
- Newsweek
Social Security: Checks Worth 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. Millions of Americans who depend on Social Security will get their monthly payment this week. The Social Security Administration (SSA) distributes benefits to more than 70 million people, including retirees, disabled workers and the families of deceased wage earners. The agency staggers payments across the month to manage the large volume of recipients. On Wednesday, August 20, individuals who receive retirement, spousal, or survivor benefits and whose birthdays fall between the 11th and 20th of any month will get their monthly checks. A stock image shows a Social Security card dollar bills. A stock image shows a Social Security card dollar bills. GETTY How Much is Social Security? As of May 2025, the average monthly Social Security benefit was recorded as $2,002.39. "The average Social Security benefit amount changes monthly," an SSA spokesperson told Newsweek. "Social Security benefits are based on a worker's highest 35 years of earnings. As wages tend to rise over time, each new group of retirees raises the average benefit amount, since their benefit calculations typically reflect higher earnings." Actual benefit amounts differ depending on lifetime earnings and the age at which payments begin. For example, those who claim at the earliest possible age of 62 may receive up to $2,831 per month. Waiting until the full retirement age of 67 raises the maximum to $4,018. The highest payout—$5,108 monthly—can only be reached if you wait to claim at age 70. Benefits Boost for 2026 Social Security benefits adjust each year through a cost-of-living adjustment, or COLA, which is tied to inflation. The Senior Citizens League (TSCL), a nonprofit that tracks these adjustments, recently raised its outlook for next year. In its July analysis, TSCL projected a 2.7 percent COLA for 2026. That figure is slightly higher than earlier estimates—2.6 percent in June and 2.5 percent in May—because of signs of rising consumer prices. The most recent adjustment, a 2.5 percent increase, took effect in January 2025. "With the COLA announcement around the corner, seniors across America are holding their breath," TSCL executive director, Shannon Benton, said. "While a higher COLA would be welcome because their monthly benefits will increase, many will be disappointed. TSCL's research shows that many seniors believe the COLA does not adequately capture the inflation they experience." If the 2.7 percent estimate holds, the tens of millions of Americans relying on these benefits will see the increase reflected in their monthly payments beginning in January 2026. The official COLA, determined by the SSA each fall, will be announced in October. Further August Social Security Payments If you haven't got your payment yet, you'll be paid later in the month. Checks will be issued on the following dates in August: Wednesday, August 27 : Benefits for those with birthdays between the 21st and 31st. : Benefits for those with birthdays between the 21st and 31st. Friday, August 29: SSI payments. This payment would usually come on the first of the month for September. However, because September 1 falls on Labor Day, a national holiday, the payment will be made slightly earlier. If you do not receive your check on the expected date, the SSA advises waiting three working days before contacting them to enquire about any missing payments.
The Hill
3 days ago
- Business
- The Hill
Social Security COLA projected to be slightly higher than 2025's, but ‘many will be disappointed,' group says
(NEXSTAR) – The Senior Citizen's League is pretty confident that many seniors receiving Social Security benefits will be 'disappointed' by next year's cost-of-living increase. In its latest projection, the senior advocacy group estimated that the 2026 cost-of-living adjustment (COLA) would amount to a 2.7% increase. This marks a bump over the increase that retirees saw in 2025 (2.5%), but it's still not enough to cover the ever-rising costs of goods and services that seniors are paying, TSCL believes. 'While a higher COLA would be welcome because their monthly benefits will increase, many will be disappointed,' Shannon Benton, the executive director of TSCL, was quoted as saying in a press release issued this week. 'TSCL's research shows that many seniors believe the COLA does not adequately capture the inflation they experience.' Senior group proposes 'one-time catch-up payment' for Social Security beneficiaries The research Benton refers to includes a survey of nearly 2,000 beneficiaries. Of those participants, 94% said they felt this year's COLA increase of 2.5% 'was too low and that their monthly Social Security checks would fall behind.' The survey also indicated that 57 percent of seniors live on less than $2,000 per month, and a good chunk of that group (about a fifth) said they spent half that on healthcare costs alone. These issues, TSCL argues, don't stem only from lower-than-desired COLA increases, but rather how those increases are calculated in the first place. TSCL has long argued that the metrics used to calculate the annual COLA (i.e., the Bureau of Labor Statistics' Consumer Price Index for Urban Wage Earners, which itself is a measure of the change in prices for common consumer goods and services) do not take into account the costs that elderly Americans are paying for things like medicine, housing and groceries. In the aforementioned survey, the vast majority of Social Security beneficiaries agreed that the Bureau of Labor Statistics should consider using another set of data to calculate the COLA, like the Consumer Price Index for the Elderly, which focuses on costs affecting Americans ages 62 and up. In the absence of any real movement on that idea, TSCL has also been advocating for a 'one-time catch-up payment' of $1,400 to be sent to everyone who qualifies for Social Security, pointing to 2009's Economic Recovery Payments or the COVID-era Economic Impact Payments as evidence of the government's previous efforts to provide direct financial assistance to citizens. 'A catch-up payment would help restore that lost value and provide urgently needed relief for retirees living on fixed incomes.' A representative for the Social Security Administration did not return a request for comment on the proposal. The amount of next year's COLA increase won't be officially announced by the Social Security Administration until October. The 2026 increase is based on Labor Department data from the third quarter (July, August and September) of 2025.
Newsweek
4 days ago
- Business
- Newsweek
How Much Social Security Payments Could Rise in 2026
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. The projected Social Security cost-of-living adjustment (COLA) for 2026 is edging upward, according to fresh estimates from The Senior Citizens League (TSCL). In its July update released Tuesday, the advocacy group forecast a 2.7 percent increase in benefits for next year—up from the forecasts of 2.6 percent in June and 2.5 percent in May—reflecting recent signs that inflation is running hotter, pushing everyday costs higher. The 2025 COLA, set at 2.5 percent, took effect in January. While the new projection offers a modest boost for beneficiaries, the Senior Citizens League cautioned that the figure could shift again before the Social Security Administration (SSA) makes its official announcement in October. The group's model will continue to incorporate fresh inflation data over the coming months. "With the COLA announcement around the corner, seniors across America are holding their breath," TSCL executive director, Shannon Benton, said. "While a higher COLA would be welcome because their monthly benefits will increase, many will be disappointed. TSCL's research shows that many seniors believe the COLA does not adequately capture the inflation they experience." How the COLA Is Determined The SSA calculates the annual adjustment using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures inflation based on the spending habits of younger, urban workers rather than retirees. Since 1975, COLAs have been applied each year using CPI-W data from the third quarter—July through September—with the intention of keeping benefits in step with rising costs for essentials like housing, food and medical care. Stock image/file photo: A Social Security card with U.S. Dollars. Stock image/file photo: A Social Security card with U.S. Dollars. GETTY Who Receives the COLA Boost The annual COLA applies across all programs administered by the SSA, including: Retirement benefits, including spousal benefits based on a partner's earnings Survivor benefits Supplemental Security Income (SSI) Social Security Disability Insurance (SSDI) If the 2.7 percent estimate holds, the tens of millions of Americans relying on these benefits will see the increase reflected in their monthly payments beginning in January 2026. COLA Concerns Concerns have been raised over President Donald Trump's nomination of Heritage Foundation economist E.J. Antoni to head the Bureau of Labor Statistics this week. Less than two weeks earlier, he had dismissed the agency's former commissioner, Erika McEntarfer, following the release of weaker-than-expected job figures. His nomination has heightened concerns that future BLS reports could be influenced to serve Trump's political goals. The BLS is the federal agency that produces key economic indicators, including the CPI-W. As commissioner, Antoni would oversee the collection, calculation, and release of inflation data. Antoni has long argued that Social Security is financially unsustainable and should be phased out. In a 2024 radio interview, he labeled the 90-year-old program a "Ponzi scheme," saying current beneficiaries should continue receiving payments but warning that future retirees should not count on it. "Seniors should know that the COLA on their Social Security benefits is tied to the CPI," former Treasury official Bruce Bartlett, who describes himself as "[o]nce a conservative, now progressive," posted on X this week. "If the CPI is artificially reduced, as Trump wants, your benefits will be reduced."
The Independent
4 days ago
- Business
- The Independent
Here is how much Social Security payments are expected to jump in 2026
Social Security beneficiaries will likely receive bigger monthly checks come 2026 — but it still might not be enough to counteract inflation. That's according to the leading senior advocacy group, The Senior Citizens' League, which predicts the cost-of-living adjustment will rise 2.7 percent for next year when announced in October. The Social Security Administration announces a new COLA each year to ensure benefits for seniors keep up with inflation; if there is higher inflation, the monthly benefit also increases. "With the COLA announcement around the corner, seniors across America are holding their breath," the Senior Citizens' League Executive Director Shannon Benton said in a statement. 'While a higher COLA would be welcome because their monthly benefits will increase, many will be disappointed … Many seniors believe the COLA does not actually capture the inflation they experience.' The 2.7 percent increase predicted for 2026 is .2 percentage points more than the COLA for 2025. The 2025 COLA boosted benefits by about $49 a month for the average Social Security retiree's payment. Each fall, the Senior Citizens' League takes the average inflation measure by the Consumer Price Index for Urban Wage Earners and Clerical Workers for July, August and September to predict the COLA for the next year. The group's prediction for this year has risen each month since May, 'pointing to risks for resurgent inflation,' the Senior Citizens' League said. The inflation rate has held steady just at or around 3 percent since the start of the year, though experts predict it will rise later in the year as President Donald Trump's tariffs raise consumer prices. July's inflation rate of 2.7 percent comes in the final month before Americans can expect to see prices spike for everything from Irish Whiskey to Toyotas made in Japan to Brazilian coffee. Trump had initially rolled out tariffs on 'Liberation Day' in April before halting the plan after the stock market tumbled and the Treasury bond market spiked. The latest Consumer Price Index report from the Bureau of Labor Statistics seems to suggest that even though Trump paused many of his reciprocal tariffs, Americans are still feeling the effects. Even so, the White House says Americans have not been hurt by the tariffs. 'The Panicans continue to be proven wrong by the data – President Trump's tariffs are raking in billions of dollars, small business optimism is at a five-month high, and real wages are rising,' White House Press Secretary Karoline Leavitt said in a statement. 'The American people have rightfully put their trust in President Trump's America First agenda that is Making America Wealthy Again.' While Trump claims people won't be affected, a study from the Yale Budget Lab last week showed that consumers face an overall average tariff rate of 18.6 percent, the largest since the Great Depression.
