Social Security campaign aims to help more Americans claim Supplemental Security Income

The Social Security Administration launched a campaign to help more Americans in need of financial help to claim Supplemental Security Income (SSI), the government agency said.

In December 2022, 7.5 million people collected SSI benefits, and 85% were eligible because of a severe disability (including blindness), according to data from the Center on Budget and Policy Priorities (CBPP). 

SSI provides monthly payments to adults and children with a disability or blindness, as well as people aged 65 and older without disabilities, who have income and resources below specific financial limits.

In an aim to broaden the scope of SSI's reach, the agency launched a new campaign targeting underserved communities that saw the most significant decline in SSI applications since the pandemic and where the majority of people living in those zip codes are people of color and people living at or below the 150% Federal poverty threshold, according to a press release.

"Helping eligible people access critical benefits, including SSI, is part of Social Security's core mission," Social Security Acting Commissioner Kilolo Kijakazi said. "Underserved communities face additional challenges, like unreliable or no access to the internet and computers, that widen the divide. Social Security's campaign strives to reach people in their communities to tell them about the eligibility criteria for SSI and how to contact us." 

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Social Security benefits see large COLA boost this year

Social Security's cost of living adjustments increased by 8.7%, which boosted the average monthly SSI benefit to $914 per beneficiary in 2023 from $841 in 2022. 

Beneficiaries are likely to get a much lower adjustment in 2024 as the rate of inflation moderates, the Senior Citizens League (TSCL) said. 

"The 2024 COLA could be around 3.1%," Mary Johnson, Social Security and Medicare policy analyst at TSCL said. 

Despite some signs of moderation in inflation, Johnson said prices have not dropped.

"Without an accurate cost of living adjustment (COLA) that keeps pace with rising costs, beneficiaries lose purchasing power, especially throughout a retirement that could last 25 to 30 years," according to TSCL. "This loss is cumulative and grows deeper as retirees age. It can cause significant hardships, including more rapid depletion of savings than expected, growing debt, and worse health outcomes."

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What's the best age to start claiming Social Security?

The average Social Security retirement benefit in February 2023 was about $1,782 per month, or about $21,384 per year, according to SSA.

"Most retirees enroll in Medicare's Supplementary Medical Insurance (also known as Medicare Part B) and have Part B premiums deducted from their Social Security checks," the CBPP said in a report. "As health care costs continue to outpace general inflation, those premiums will take a bigger bite out of their checks."

Claiming benefits early could mean you will receive less income than those who retire later. For example, recipients that wait to claim benefits until age 70 increased the amount of money they could draw.

Your Social Security income is calculated by taking into account how much you've earned over your working life, when you begin to take your benefits, and your COLA increase, according to Fidelity.  

Here's how the maximum initial monthly benefit retirees can earn for 2023 by retirement age:

• At age 62: $2,572
• At age 65: $3,279
• At age 66: $3,506
• At age 70: $4,555

"The average Social Security check was never meant to replace a retired worker's full income, and so it's important that Social Security be part of your overall retirement plan, not your single source of income," Fidelity said. "If you have years to go before retirement, it's vital that you get started on saving and investing while you still have time working in your favor."

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