Here is a list of what you, a SSA beneficiary, should know for September 20233.
Social Security has been on the news lately, with the attention solely focused on the looming depletion of the OASI trust fund. Meanwhile, there is also an update that you, as a SSA beneficiary, should know for the September cut.
According to the article released by Go Banking Rates, these are the 4 Social Security updates that a SSA beneficiary should know for September 2023.
- The Funding Shortfall Could Cost an SSA beneficiary $17,400. The depletion of the OASI might seem like an abstract concept to an SSA beneficiary because it still is a decade away, but the nonprofit Committee for a Responsible federal Bucket (CRFB) recently put the impact on concrete terms when it was estimated that some retirees could face a cut of more than $17,000 a year, when the OASI trust fund completely depletes. A typical newly retired dual income couple would face an immediate cut of $17,400 a year, meanwhile a typical single income couple would get a cut of $13,100.
- GOP Candidates Eye Cuts. 2024 candidate Chris Christie made headlines when he said that SSA will be bankrupt in 11 years. He said it is now time to start thinking about cutting the program. Ron DeSantis and Nikki Haley both have floated the idea to raise the full retirement age for younger workers or SSA beneficiary, which would essentially cut benefits by delaying the time senior SSA beneficiary could access their full benefits.
- Latest COLA estimate. The inflation rate is running at about 3%, and Social Security experts predicted that the 2023 COLA will also be around 3%. For SSA beneficiary, this means that you can expect a much lower increase in their monthly payment in 2024 than they have received this year, with a COLA of 8.7 percent. However, if the hurricane season is more severe than normal, the impact on gas prices could lead to a COLA of more than 3% next year.
- What a SSA beneficiary check might look like. The average SSA benefit does not change much from month to month, even year to year. But is does not remain stagnant, either. The average benefit for a SSA beneficiary retiree as of July 2023, per month, is $1,838.59. The monthly average for spouses of a SSA beneficiary retiree is $891.32.
When will the September Social Security check be released?
To answer the question, according to CNET, the September schedule for when to receive the SSA check and/or SSI money are the following dates:
- September 1: SSA payments for people who have received Social Security before May 1997.
- September 13: SSA payments for those with birthdays falling between the first and 10th o any given month.
- September 20: SSA payments for those with birthdays falling between the 11th and 20th of any given month.
- September 27: SSA payments for people with birthdays falling between the 21st and 31st of any given month.