(PatrioticPost.com)- In just two weeks, recipients of Supplemental Security Income will start receiving the first of two September installments.
According to the Social Security Administration, eligible recipients will get their first payment of $841 on September 1 and their second payment of the same amount on September 30, for a total of $1,682 for the month. September is one of three months each year when recipients of Supplemental Security Income receive two payments. April and December are the other two months this year that have two installments.
To guarantee that eligible recipients receive 12 payments annually as per the schedule, double payments are used to make up for months where no payments are made. January, May, and October are among them.
For September, eligible couples will each receive two payments totaling $1,261. Two $421 payments will be sent on the same days to essential persons, defined as those who reside with a recipient of Supplemental Security Income and provide the necessary care.
According to economists, rising inflation rates would result in higher Social Security payments the following year. However, due to the potential increase in payments, some people may end up earning less than they already receive as the increase in payments could place them in a higher tax bracket.
The advantage always goes to the house.
By 2035, Social Security’s ability to pay benefits in full won’t be possible at the current rate.
Reports show the Medicare Part B premiums, usually deducted from Social Security checks, have increased yearly since 2015. Premiums may be more significant for higher-income persons. The standard monthly premium will rise by 14.5% in 2022 to $170.10 per month.
Tens of thousands of low-income retirees may move into a higher income band due to a raise in Social Security benefits, forcing them to begin paying taxes on their benefits for the first time.
The funds for the Social Security program will run out faster as more money is distributed to beneficiaries. If Congress does nothing, Social Security’s present funding level will prevent it from being able to provide all benefits by 2035.
Congress’ “acting” by spending billions on bullcrap caused the problems in the first place.