Social Security supplemental income checks are expected to double this month, up to as much as $1,682. Depending on eligibility, millions of Americans are set to receive payments in amounts beyond that of previous deposits. Let’s look at the origin of Social Security benefits, the modern-day data surrounding supplemental checks, and whether or not you should expect to receive one this month.
The Rundown on April’s SSI
For eligible individuals, checks worth $841 were dispersed on April 1st. These SSI claimants are poised to receive a second check in the same amount on April 29th of this same year. Because of how May 1st falls this year, the payment schedule may be slightly impacted due to it falling on a Sunday.
The Origins of Social Security Benefits
Back in 1935, the Social Security Act was put into place by President Franklin Roosevelt, initially referred to as the Economic Security Act. It was initially created to provide for the elderly as the United States continued to recover from the Great Depression, especially those who lost all their possessions. Ultimately, this program enables American workers to live out their golden years in dignity, rather than the 10% of aging citizens who are faced with living in absolute poverty.
Social Security as Retirement Benefits
It wasn’t until 1939 that Social Security benefits were extended to the children and spouse of the recipient. Otherwise, from 1935, funds benefitted the principal worker. As the program continued to evolve, additional benefits were added, such as disability benefits in 1956. Although it was meant to provide a retirement plan for senior citizens, who had worked throughout adulthood, the government-funded program continued to expand to our modern-day edition.
Who is Required to Pay into Social Security?
While Social Security is designed to support retirees through retirement, you may wonder whether or not certain public servants are exempt from paying into Social Security. While it may come as a surprise, even Congress members are required to pay into the program. Back in 1984, the president, vice president, all members of Congress, and even federal judges began to experience Social Security coverage. In turn, they are required to contribute to the Social Security system as all other citizens, regardless of the length of their term.
Does Inflation Impact the Social Security Program?
Inflation is a fickle concept, often impacted by inflation just as it affects the entire country. As supply is incapable of meeting demand around the US, it results in the rising prices for oil, food, living expenses, and much more. Medicare premiums, for example, will experience an increase to $158 each month, from $149. According to a study conducted by a non-partisan group, Social Security claimants have seen a severe decrease in purchase power, up to 32%, as healthcare costs continue to rise.
Applying for Social Security Payments Online
Many American citizens have experienced issues applying online to receive Social Security payments. This group comprises seniors 65 years of age and above. As applications are filtered through, the application managers review each document by hand to see if their requirements are met. Once approved, applicants will receive confirmation in the same method as their application. If you are concerned about whether or not your application was received or reviewed, reach out to your local Social Security office, or call 1-800-772-1213
