The number of people receiving federal payments from the Social Security Administration fell by about 13,500, according to Social Security Administration data.
March, About 7.27 million people were receiving payments from the federal government. compared to Last month: 7.284 million people. Nearly 1.115 million people were eligible for benefits based on age last month, up slightly from February’s total of nearly 1.113 million. The number of people considered visually impaired and receiving benefits decreased from 6,171,000 in February to 6,156,000 in March.
The number of recipients under the age of 18 also fell to about 982,000 from 989,000 last month. The number of people aged 18 to 64 who received benefits from the federal government was 3.96 million, down slightly from February’s data of 3.972 million. The number of people aged 65 and over in March was approximately 2.328 million, up from 2.323 million in February.
It’s unclear why the total number of people receiving federal benefits fell that month.
newsweek We reached out to the Social Security Office for comment via email outside of business hours. We will update this article with any information we receive.
Current status of social security
Millions of older Americans rely on Social Security payments for daily expenses. This week, it became public that retirees may receive an income boost from the Social Security Administration. The so-called cost of living adjustment is expected to be 3% as part of a response to rising inflation. This is higher than some estimates, which had expected it to be around 2% by 2025.
US inflation remains stubbornly above the central bank’s 2% target after surging to a 40-year high in the wake of the COVID-19 pandemic. Consumer Price Index (CPI) Inflation Rate for June 2022 rose to 9 percentThis was the largest annual increase since November 1981.
The Fed has tightened financial conditions by raising borrowing costs to rein in spending, which policymakers hope will lead to lower prices. Inflation slowed to 3.5% in March, but fell short of the central bank’s target as Americans still face high prices for goods and services.
Some analysts question whether the 3% cost-of-living adjustment will be effective enough amid rising prices.
“I don’t know if that’s enough,” said financial expert Michael Ryan. newsweek last week. “Seniors already struggle to afford basic necessities like health care, food, and shelter. While this increase may provide some relief, it still does not fully protect their purchasing power. I’m worried that I won’t be able to do it.”
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Newsweek is committed to challenging conventional wisdom, finding common ground and finding connections.
