Latest news with #SocialSecurityAdministration
Yahoo
2 hours ago
- Business
- Yahoo
When will Social Security checks be sent in June? What to know about 2025 payment schedule
Social Security checks will go out like normal in June, except for one small exception that some beneficiaries will notice. Most of the nearly 74 million who get Social Security benefits receive them on Wednesdays throughout the month. For instance, if your birthdate falls between the first and 10th of the month, you are paid on the second Wednesday of the month, which is June 11; between the 11th and 20th, you're paid on the third Wednesday (June 18), and if you were born after the 20th of the month, you get paid on the fourth Wednesday of the month (June 25), according to the Social Security Administration's calendar. Here's what to know about the Social Security payment for 2025 and when checks will go out in June. The Social Security Administration's yearly distribution schedules for 2025 and 2026 are available online so that you can use the calendar for budgeting purposes. Regular Social Security retirement benefits will be sent out on the SSA's usual schedule: June 11: Birth dates between the first and 10th of the month. June 18: Birth dates between the 11th and the 20th of the month. June 25: Birth dates between the 21st and the 31st of the month. Beneficiaries who get Supplemental Security Income (SSI) received two checks in May, meaning those people won't receive any checks in June. When the first of the month falls on a federal holiday or a weekend, SSI benefits are issued early. Since June 1 is a Sunday, the June check was sent out on May 30. About 7.4 million Americans who may be disabled or have limited resources get monthly SSI benefit payments. About half of those who get SSI also get Social Security. Supplemental Security Income checks will be sent out on the following dates in 2025, according to the SSA calendar. 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) There are more than a dozen Social Security offices in Arizona. To find the office nearest you, visit Apache Junction: 253 W. Superstition Blvd. Casa Grande: 1637 E. Monument Plaza Circle Chinle: Tseyi Shopping Center on Highway 191 Douglas: 600 E. 15th St. Flagstaff: 2715 S. Woodlands Village Blvd. Glendale: 5907 W Kings Ave Globe: 1405 E. Ash St. Mesa: 702 W. Jerome Ave. Nogales: 1760 N. Mastick Way Phoenix: 16241 N. Tatum Blvd. and 250 N. Seventh Ave. Prescott: 205 N. Marina St. Safford: 650 S. 14th Ave. Show Low: 2500 E. Cooley St., Suite 407 Tuba City: 1010 Main St. Tucson: 3808 N. First Ave. and 88 W. 38th St. Yuma: 325 W. 19th St., Suite 1 This article originally appeared on Arizona Republic: When will Social Security checks be sent in June? What to know
Yahoo
5 hours ago
- Business
- Yahoo
This Is the Average Social Security Benefit for Early Claimers
Social Security benefits decline if you claim them early. Claiming early means collecting benefits any time before your full retirement age. 62 is the earliest age you can claim benefits. The $23,760 Social Security bonus most retirees completely overlook › Social Security benefits can be claimed between the ages of 62 and 70. However, every retiree has been given a full retirement age (FRA) based on their birth year. FRA is the age you get your standard benefit. Claiming anytime before FRA will shrink that standard check amount, leaving retired workers with less to live on. Delaying beyond FRA, however, would increase benefits due to delayed retirement credits. The impact of an early claim can be quite substantial, and those who file for benefits at a young age may not receive nearly as much money from Social Security as they may have hoped for. Let's take a look at the average Social Security benefit among early claimers to better understand how benefits are affected. Full retirement age is 67 for anyone born in 1960 or later, while the FRA is 66 and 10 months for those born in 1959. An early claim would be any claim made before reaching these age milestones. The Social Security Administration publishes data showing average benefits by claiming age, as seen in the table below. Age Average Retired-Worker Benefit 62 $1,342 63 $1,364 64 $1,425 65 $1,611 66 $1,764 67 $1,930 Table source: Social Security Administration. As you can see, the average Social Security benefit is much lower for 62-year-olds than it is for those who are 67. There are a few key reasons why Social Security benefits may be lower for early filers. First, benefits may be based on a lower average income. Those who don't work as long may have had fewer years of working at peak earning capacity since income tends to increase over time. Since benefits are based on average wages, the more years you work when you're earning a higher rate, the higher your benefit climbs. Higher earners may also be more likely to work in jobs that enable later retirement, so those who are already on track for a bigger benefit may be more likely to work longer and thus delay their benefits claim. Early filing penalties also make a big impact. Anyone who files for benefits before FRA will see their monthly payments reduced by 5/9 of 1% for each of the first 36 months they get a check before FRA and by 5/12 of 1% for any prior month before that. This ultimately adds up to a 6.7% reduction in years one, two, and three that you get benefits ahead of FRA, and a 5% reduction in years four and five. If you're 62 and claim benefits with a FRA of 67, you'll see your standard benefit shrink by 30%. The reality is, none of these average benefits at any age are likely enough to live on without supplementary income. But those who claim earlier will see Social Security cover even less of their costs, so they must be prepared with plenty of savings to fill the gap if they don't want to struggle during their later years. If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these Motley Fool has a disclosure policy. This Is the Average Social Security Benefit for Early Claimers was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 hours ago
- Business
- Yahoo
Wondering What to Expect for Next Year's Social Security COLA? Here's What History Says Could Be Coming in 2026.
One historical trend points to a higher Social Security COLA in 2026. However, the Trump administration's tariffs are a big wild card. The $23,760 Social Security bonus most retirees completely overlook › Is it too soon to be wondering how much the next Social Security "raise" will be? I don't think so. Granted, we won't know for sure until the Social Security Administration (SSA) makes its highly anticipated announcement in mid-October. However, a little speculation a few months in advance doesn't hurt anybody. And history could provide some insight into what to expect with the 2026 Social Security cost-of-living adjustment (COLA). Americans have had two back-to-back years of lower Social Security COLAs after the sky-high increase of 8.7% in 2023. What has usually happened after two consecutive years of declining COLAs in the past? The historical odds point to a higher 2026 COLA. I looked back at annual Social Security COLAs since they became automatic in 1975. The Social Security increase for 1984 was lower than the previous year after two years in a row of declines. It was a similar story in 1994. However, in the other six cases, the Social Security COLA increased after two consecutive years of decreases. 2026 will be the second year under a different presidential administration than the previous two years. Have there been any clear historical trends with the COLA related to a new occupant of the Oval Office? Not really. There have been seven new presidential administrations since Jimmy Carter was in the White House. In the first full year of a new U.S. president, the Social Security COLA was higher than the previous year three times and lower than the previous year four times. Social Security COLAs are based on inflation. To be specific, they're calculated by comparing the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the third quarter of the year with the average CPI-W for the third quarter of the previous year. Anything that drives inflation higher will, in turn, cause the Social Security COLA to be higher. (The COLA can be 0%, but it's never negative.) That's where President Donald Trump's tariffs come into play. Many economists believe that steep tariffs could lead to a resurgence in inflation as importers pass along higher prices to consumers. The Federal Reserve agrees. The minutes from the Fed's meeting earlier this month revealed that nearly all of the 19 officials saw a risk of higher inflation due to Trump's tariffs. What does history tell us about Social Security COLAs after steep tariffs were implemented? There aren't many precedents. The first Trump administration levied tariffs on many products imported from China, but those tariffs were much more limited than those implemented this year. Inflation and the Social Security COLA still rose, though. Perhaps the most similar previous occurrence of high tariffs came when Richard Nixon was president. In August 1971, Nixon implemented 10% tariffs for four months. However, this was before automatic annual Social Security COLAs went into effect. Still, the next Social Security increase, which required congressional action, was a whopping 20%. I don't think history is all that great of a guide in helping predict what the 2026 Social Security COLA will be. The reality is that the present is more important than the past, at least where COLAs are concerned. The Senior Citizens League (TSCL), a nonprofit organization that advocates for seniors, updates a model used to project the next Social Security COLA every month. Its latest forecast is for a 2026 COLA of 2.4%, slightly lower than the 2.5% increase this year. This would be the lowest COLA since 2021. However, the TSCL's projection could change dramatically if tariffs cause inflation to soar. Retirees will have to keep wondering about what the 2026 COLA will be until October. If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these Motley Fool has a disclosure policy. Wondering What to Expect for Next Year's Social Security COLA? Here's What History Says Could Be Coming in 2026. was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
8 hours ago
- General
- Yahoo
Did your child's name make the list? These are the top baby names in 2024 in Oklahoma, US
Naming your child is a big decision for any parent. Maybe you had your child's name picked out for years, maybe it was a hard-fought compromise between you and your significant other or maybe it came to you the day they were born. Maybe you purposely chose a name no one else would have, or maybe you didn't mind if they would share a name with a gazillion kids at school — at least, that's what it can feel like for those with popular names. So you can prepare to defend your choice in advance, the Social Security Administration has released the most popular male and female baby names given in the United States and by state in 2024. Here are the top five 2024 female baby names in Oklahoma: Olivia Amelia Charlotte Evelyn Emma Here are the top five 2024 male baby names in Oklahoma: Liam Oliver Noah Elijah Theodore Here are the top five 2024 female baby names in the US: Liam Noah Oliver Theodore James Here are the top five 2024 male baby names in the US: Olivia Emma Amelia Charlotte Mia This article originally appeared on Oklahoman: These are the 5 most popular baby names in Oklahoma, US for 2024
Yahoo
9 hours ago
- Business
- Yahoo
If You're Collecting Social Security Early, Don't Get a Job Unless You Read This First
Claiming Social Security early has consequences for your ability to work. If you earn too much money from a job, you could find your benefits reduced. While you eventually get bigger payments if you lose benefits temporarily, your short-term financial security could suffer. The $23,760 Social Security bonus most retirees completely overlook › Many retirees are taking a nontraditional approach to leaving the workforce. In fact, a growing number of seniors are not giving up work for good when they retire, but are instead taking on part-time jobs or even returning to work full time after quitting their careers and claiming their Social Security. There are some benefits to working after retiring, including the ability to preserve your savings, as well as the ability to continue to enjoy the social connections and mental challenges that working provides. However, if you have claimed Social Security already and are thinking about getting a job, you need to be aware that this decision could have an impact on your monthly benefits. Here's how working could affect Social Security, so you aren't caught off guard by changes that you could see in your checks. The key thing to know about working while on Social Security is that if you have reached your full retirement age already, you can work as much as you want to without it affecting your Social Security benefits. Your FRA depends on when you were born. If you were born in 1960 or after, FRA is 67, while for those born earlier, it's between 65 and 67. If you have not reached FRA and you earn too much money, you will end up seeing your Social Security checks reduced or may even see them disappear entirely. Specifically: If you are not going to hit FRA all year, you can earn up to $23,400 in 2025. Once you've hit that threshold, then $1 is deducted from your benefits for every $2 earned above it. If you will reach FRA sometime during the year but haven't yet, you can earn up to $62,160 before you begin losing a portion of your benefits. Once you've reached this limit, then you lose $1 for every $3 earned above it. The Social Security Administration will withhold entire checks based on the reduction in benefits that can result from working. If you were counting on having income from both your job and from Social Security, this can create a major financial burden for you. While losing some of your Social Security checks can be a problem if you were counting on that money, the good news is that you will eventually get back the forgone funds later. It just will happen slowly over time. When you don't receive Social Security benefits because you work too much, you are credited back for the early filing penalty that was previously applied. Early filing penalties reduce benefits for each month you claim Social Security before your FRA. The penalties equal 5/9 of 1% for the first 36 months you've claimed early and 5/12 of 1% per month for any additional month. So, if you claimed a year early, for example, your benefits would be reduced by 6.7%. If you ended up claiming benefits and then working, though, and you didn't receive a Social Security check for six months out of the 12 that your early benefits were supposed to come, then you would be credited back six months of early filing penalties. This happens when you do reach FRA and your benefit jumps up accordingly. Of course, since your monthly payments only increase by a small amount, it takes time for the future checks you're getting to make up for the income you missed out on by working while collecting benefits. But at least you get the money back in the end. Of course, this doesn't help in the short term if your paycheck causes you to lose income you were counting on -- so you need to be aware of these rules before you start working while on Social Security, as you don't want to be left unprepared and facing a huge financial surprise. If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these Motley Fool has a disclosure policy. If You're Collecting Social Security Early, Don't Get a Job Unless You Read This First was originally published by The Motley Fool Sign in to access your portfolio
