The number of people getting money from the Social Security Administration went down by about 13,500 last month.
In March, there were roughly 7.27 million people who got these federal payments, a slight drop from 7.284 million in February. The breakdown of recipients includes:
- About 1.115 million older adults received money in March, which is a bit more than the 1.113 million in February.
- Fewer people with disabilities and the blind got benefits in March (6.156 million) compared to February (6.171 million).
- The number of young people under 18 getting benefits decreased slightly to 982,000 from 989,000.
- There was a small decrease in recipients aged 18 to 64, down from 3.972 million in February to 3.96 million in March.
- However, more seniors aged 65 and above received payments; about 2.328 million in March compared to 2.323 million in February.
It’s not clear why there was an overall decrease in recipients this month.
Newsweek has reached out to the Social Security office for more information and will update their article when they hear back.
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Social Security and Inflation
Many older Americans rely on Social Security for their everyday needs. Recently, it was announced that there might be a higher increase in these payments next year due to rising costs of living. This increase is expected to be around 3%, which is more than some people anticipated.
Inflation in the U.S. has been high, staying above the preferred rate of 2% after hitting the highest levels in 40 years because of the pandemic. As of last June, prices were up 9% from the year before, the biggest increase since 1981.
The Federal Reserve has been trying to manage this by making it more expensive to borrow money, which should help slow down spending and reduce inflation. However, inflation was still at 3.5% in March, not yet meeting the target, as people continue to face high costs for various items.
Stay Updated on Your Benefits: Changes in Social Security Payments Could Affect You! Keep an eye on the latest news and updates from the Social Security Administration to ensure you’re informed about potential increases in your payments due to inflation.
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