In April, the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.3% and the all items index increased 8.3% over the last 12 months. Rising inflation has pushed the Social Security cost-of-living increase to 5.9%, the largest in nearly 40 years.
For June’s payments, the Social Security schedule is as follows:
- If your birth date is on the 1st-10th of the month, your payment is distributed on Wednesday, June 8.
- If your birth date is on the 11th-20th, your payment is distributed on Wednesday, June 15.
- If your birth date is on the 21st-31st, your payment is distributed on Wednesday, June 22.
Social Security benefits have increased by 64% since 2000, according to The Senior Citizens League (TSCL) and as reported by GOBankingRates. Mary Johnson, Social Security policy analyst for TSCL, found that expenses for typical seniors rose 130% during that same period. To maintain the same buying power from 2000, Social Security benefits would need to be $540 higher per month.
You may also qualify for Supplemental Security Income (SSI) if Social Security isn’t enough to cover basic living expenses. To qualify, you must be age 65 or older, disabled or blind and you have limited income and financial resources.
If you received Social Security before May 1997 — or if you’re receiving both Social Security and SSI — you will receive your SSI payment on June 1 and your Social Security payment on June 3.
Next year, Social Security beneficiaries could see an even bigger increase. Johnson predicted that the annual cost-of-living adjustment (COLA) for 2023 could be around 8.6%.
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