In April, the consumer price index for all urban consumers (CPI-U) rose 0.3% over the past 12 months and the index for all items rose 8.3%. Rising inflation has pushed the cost-of-living increase for Social Security to 5.9%, the highest in nearly 40 years.
For June payments, the Social Security schedule looks like this:
- If your date of birth falls between the 1st and 10th of the month, your payment will be made on Wednesday, June 8.
- If your date of birth falls between the 11th and 20th of the month, your payment will be made on Wednesday, June 15.
- If your date of birth falls between the 21st and 31st, your payment will be made on Wednesday, June 22.
According to the Gobankingrates website, Social Security benefits have increased 64% since 2000, according to The Senior Citizens League (TSCL) and as reported by GOBankingRates.
Mary Johnson, a Social Security policy analyst at TSCL, found that typical spending by seniors increased 130% during the same period. To maintain the same purchasing power as in 2000, Social Security benefits would have to be $540 more per month.
You may also be eligible for Supplemental Security Income (SSI) if Social Security is insufficient to cover basic expenses. To qualify, you must be age 65 or older, disabled or blind, and have limited income and financial resources.
Next year, Social Security recipients could see an even larger increase. Johnson projected that the annual cost-of-living adjustment (COLA) could be about 8.6% through 2023.
Social Security is intended for people over the age of 65, but today the field is much larger. One in five people in the United States receives this type of benefit. Of these people, one in three are disabled, dependent or survivors. The rest, i.e., 2/3 are retirees between the ages of 62 and 70.
Thanks to these social security benefits, people who are unable to work are entitled to a financial pension. With this pension they can live well and without problems. Applying for a social security card is very easy and can be done through an online form or at any government office.