Latest news with #benefits
Yahoo
37 minutes ago
- Business
- Yahoo
When do you get your Social Security payment for August? See schedule
Social Security payments for the month of August follow a normal schedule. But those who were previously overpaid by the Social Security Administration may get smaller benefit checks. That's because the agency was expected to begin withholding 50% of benefits for those who have been overpaid but have yet to begin repayments. The SSA hasn't released a number of how many recipients may have been overpaid. However, a February 2025 report by the SSA's Office of the Inspector General found the agency overpaid $13.6 billion in Social Security benefits during fiscal years 2020 to 2023. About three-fourths of overpayments (72%) happened because beneficiaries did not successfully report information to SSA that negatively affected their benefits. Such information could include additional salary or retirement earnings and changes in medical condition, such as the end of a disabling condition. Social Security benefits – paid mostly to recipients who are older or retired – are typically paid on Wednesdays. If your birthdate falls between the first and 10th days of the month, you are issued payments on the second Wednesday of the month (this month, that's Aug. 13), according to Social Security Administration's calendar. Social Security: Two-income retired couples may lose $18,100 annually in Social Security in 2033 Subsequent payments go out weekly: recipients born between the 11th and 20th are paid on the third Wednesday (Aug. 20), and those born after the 20th of the month get payments on the fourth Wednesday of the month (Aug. 27), according to the SSA calendar. Social Security recipients who began getting benefits before May 1997 are paid on Aug. 1. Social Security payment schedule for August The Social Security Administration's yearly schedules of benefit payments for 2025 and 2026 are available online, so you can check the calendar for budgeting purposes. Regular Social Security retirement benefits for the month of July will be sent out on the SSA's usual schedule: Wednesday, Aug. 13: Birth dates between the first and 10th of the month. Wednesday, Aug. 20: Birth dates between the 11th and 20th of the month. Wednesday, Aug. 27: Birth dates between the 21st and 31st of the month. SSI payment schedule for August, rest of 2025 and into 2026 Recipients of Supplemental Security Income checks will be issued payments on the first business day of the month, which is Friday, Aug. 1. SSI checks will be sent out on the following dates in 2025 and early 2026, according to the SSA calendar: 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) Friday, Jan. 30, 2026 (Check for February 2026) Friday, Feb. 27, 2026 (Check for March 2026) What is SSI? Supplemental Security Income (SSI) is a benefit program for persons with limited income or resources, those aged 65 or older, and those who are blind or have a qualifying disability. Children with qualifying disabilities are also eligible, according to the SSA's website. Adults who qualify for SSI typically do not have monthly wages above $2,019. If you think you may be eligible for SSI, you can begin the application process online, in person at your local Social Security office, or by calling 1-800-772-1213 (TTY 1-800-325-0778) from 8 a.m. to 7 p.m. local time during the work week. Mike Snider is a national trending news reporter for USA TODAY. You can follow him on Threads, Bluesky, X and email him at mikegsnider & @ & @mikesnider & msnider@ What's everyone talking about? Sign up for our trending newsletter to get the latest news of the day This article originally appeared on USA TODAY: Social Security payments August 2025: When do you get your check? Solve the daily Crossword
The Independent
8 hours ago
- Business
- The Independent
Phone line launched to help claimants claw back £23bn in benefits
Nationwide has launched a new free phone line to assist people across the UK in claiming benefits they are entitled to. The service is available to everyone, not just Nationwide customers, marking a first among financial providers. It aims to help navigate the "daunting and confusing" process of claiming an estimated £23 billion in benefits that go unclaimed annually. The initiative follows the launch of a benefits calculator, which has already helped over 2,000 households claim a collective £1.2 million. Nationwide is also urging the government to simplify access to unclaimed benefits, citing lack of awareness, difficulty with forms, and perceived stigma as key barriers.
The Independent
9 hours ago
- Business
- The Independent
Nationwide launches phone line to help UK residents claim benefits
Nationwide has announced the launch of a new phone line to help millions of people across the UK claim benefits they are entitled to. The free service, which will help callers navigate the 'daunting and confusing' task of claiming benefits, will be open to everyone, rather than just customers of Nationwide – seen as a first among financial providers. There is an estimated £23bn in benefits which goes unclaimed every year in the UK, including carer's allowance, child benefits, pension credits and more, according to Nationwide, amid warnings that millions of people are missing out on vital support. The building society launched a benefits calculator a month ago – accessible here – with the free phone service now set to offer a similar service, but to save people having to go online. More than 2,000 households have benefited to the tune of a collective £1.2m since the launch, it said. It comes as the building society calls on the government to make access to unclaimed benefits more simple for people. It highlighted three main barriers, including people being unaware they are eligible, dififculty in navigating forms and applications and a perceived stigma around applying for benefits, even when not work-related. Kathryn Townsend, Nationwide's head of customer vulnerability and accessibility, said: 'Millions of people across the UK are missing out on vital financial support they are entitled to simply because the system is too complex to understand and access. 'Our partnership means more people, including those who perhaps can't or prefer not to use digital services, can get the help they need to increase their income. 'By offering the choice of an online process and a telephone call, we are hopefully making what can be a daunting and confusing experience that little bit simpler.' The phone line been launched in partnership with social policy organisation Policy in Practice. Deven Ghelani, from Policy in Practice, added: 'Every year £23 billion in benefits and support goes unclaimed because people don't know what they're eligible for, or they struggle to access online services. 'Digital exclusion often goes hand in hand with wider social and economic disadvantage. [This partnership] is not only helping those most in need, it's also meeting the growing expectation of customers and setting a benchmark for responsible banking.'
Yahoo
2 days ago
- Business
- Yahoo
Warren Buffett's longtime Social Security warning is coming to fruition, with retirees facing an $18,000 annual cut
In just seven years, Social Security will reach a fiscal cliff that could leave millions of American retirees with drastically reduced benefits, according to a recent analysis by the Committee for a Responsible Federal Budget (CRFB). The think tank's new report projects that, unless Congress acts, Social Security's main trust fund will be insolvent by the end of 2032, triggering automatic and painful benefit cuts for everyone relying on the program. How painful? Around $18,000 less per year for retirees who depend on the program. This is not the first time the CRFB has warned about this, and it's a common refrain from no less than the Oracle of Omaha himself: famed investor Warren Buffett. The ticking clock Social Security and Medicare, the two bedrock programs supporting older Americans, are drawing closer to insolvency than many might realize. The most recent data, compiled from the programs' own trustees and enhanced by CRFB calculations, forecasts that by late 2032, Social Security's retirement program will no longer be able to pay out promised benefits in full. At that point, the law dictates that payments must be limited to the amount coming in from payroll taxes—resulting in an immediate, across-the-board benefit reduction. The scope of the cut: $18,100 shortfall for typical couples For millions of future retirees, the numbers are stark. CRFB's estimate reveals that a typical dual-earning couple retiring at the start of 2033 would see their annual Social Security benefit drop by approximately $18,100. The percentage cut is projected to be 24% for that year, instantly slashing retirement incomes for over 62 million Americans who depend on the program. The pain would be widespread but would vary by income and household type. For example, single-earner couples could see a $13,600 cut, while low-income, dual-earner couples face an $11,000 shortfall. And high-income couples might lose up to $24,000 a year. While the dollar cut is smaller for lower-income households, the relative burden is even more severe, devouring a larger share of retirement income and past earnings. Also, these cuts are in nominal dollars; adjusted to 2025 dollars, the actual cut would be about 15% less. What's causing the crisis? Social Security is funded by a dedicated payroll tax, but the gap between what goes out in benefits and what comes in through taxes is growing. The newly enacted One Big Beautiful Bill Act (OBBBA) has accelerated the timeline by reducing Social Security's revenue through tax rate cuts and an expanded senior standard deduction. According to CRFB, these policies increase the necessary benefit reduction by about one percentage point; if the changes become permanent, the benefit cuts would be even deeper. Over time, the gap is expected to worsen: By the end of the century, CRFB adds, Social Security could face required benefit cuts of over 30%, unless lawmakers shore up the program's finances. Despite these dire projections, many policymakers have pledged not to alter Social Security, promising to keep benefits untouched. But if nothing changes, the law automatically enforces cuts when the trust fund runs dry. The CRFB report urges policymakers to be candid about the situation and to work toward bipartisan solutions that secure Social Security's future. Ideas could include new revenue sources, adjusting benefits, or a combination—anything to avoid the 'steep and sudden' cut that looms for tens of millions. Without meaningful congressional action before 2032, the Social Security safety net will be abruptly—and dramatically—shrunk, so Americans approaching retirement will at least want to pay close attention to congressional action on the looming cliff. Buffett's bugbear Warren Buffett has been vocal about the dangers of Social Security insolvency and the looming benefit cuts that millions of retirees could face if action is not taken soon. The retiring Berkshire Hathaway CEO has stated that reducing Social Security payments below their current guaranteed levels would be a grave mistake, and urged prompt congressional action. Buffett, who has signed the Giving Pledge and has advocated for higher taxes on higher earners, has criticized the cap on income subject to Social Security taxes, arguing that higher earners—including himself—should contribute more. He's also suggested that Social Security's finances could partially be eased by raising the retirement age, with the 95-year-old investing legend himself working well beyond the standard end of most careers. CRFB background The CRFB is not just any think tank, either. It's a respected bipartisan institution that stretches back to 1981. Its board has consistently included former members and directors of key budgetary, fiscal, and policy institutions, such as the Congressional Budget Office, the House and Senate Budget Committees, the Office of Management and Budget, and the Federal Reserve. The CRFB regularly produces analyses of government spending, tax proposals, debt and deficit trends, and trust fund solvency (such as Social Security and Medicare), as well as recommendations and scorecards for major fiscal legislation. The CRFB has consistently advanced a centrist position on budgetary matters, regularly advocating for reducing federal deficits and controlling the growth of national debt. The organization has often criticized large spending bills that are not offset by reductions elsewhere, as well as tax cuts that are not revenue-neutral. The think tank favors reforms to federal 'entitlement' programs, especially Social Security and Medicare, aiming to make them fiscally sustainable, an emphasis that has drawn criticism from the left. For example, Paul Krugman characterized it as a 'deficit scold' when he was still with the New York Times. In the Social Security sphere, the CRFB has supported or proposed ideas like raising the retirement age, adjusting cost-of-living increases (using the chained CPI), increasing the amount of wages subject to payroll tax, and progressive indexing (in which benefits grow more slowly for higher earners). The CRFB has also weighed proposals for new revenue streams and some means-testing of benefits. On the right wing, the CRFB's proposed reforms to Social Security have drawn criticism for, as Charles Blahous of the Manhattan Institute put it, creating a structure more like 'welfare' than an earned income benefit. Still, the CRFB is widely respected in policy circles as a knowledgeable, data-driven budget watchdog, with a long track record of analysis and advocacy for sustainable fiscal policy. For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing. This story was originally featured on 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
Wall Street Journal
2 days ago
- Business
- Wall Street Journal
Politicians Don't Understand Young Workers
Regarding 'Democrats Attack Gig-Worker Benefits' (Review & Outlook, July 23): Expanding benefits to more people isn't partisan—it's common sense. A poll conducted last year found that a majority of Americans, including 71% of Democrats, supported companies like DoorDash providing benefits for independent workers and keeping independent contractor status. Now members of Congress from both parties can deliver just that. Sen. Bill Cassidy's (R., La.) legislation is an important step toward making it easier to expand portable benefits. The bill generated thoughtful discussion at a recent Senate hearing, not only from Republicans on the committee but also from Democrats such as Sens. Tim Kaine (D., Va.), John Hickenlooper (D., Colo.), Andy Kim (D., N.J.) and Lisa Blunt Rochester (D., Del.).
