Increase in Social Security benefits: $600 extra payment in June for those over 62

The Social Security Administration (SSA) is the federal agency in charge of delivering Social Security benefits to retirees, survivors, disabled people, and low-income seniors who struggle to cover their living expenses. Thanks to these financial and insurance programs, the SSA provides payments to more than 72 million people in the country, of which almost 67 million correspond to retired workers who previously made Social Security contributions throughout their professional lives. As the SSA recently informed, retired workers over 62 years old will receive an extra $600 payment in June due to the cost of living adjustment (COLA). 

The cost of living adjustment (COLA) is the increase that beneficiaries receive each year in their Social Security benefits. This annual increase is critical for beneficiaries of social programs to maintain their purchasing power despite inflation. Since the federal government announced that an extra $600 will be included to help seniors keep pace with rising inflation, beneficiaries will receive this extra amount in the coming weeks. Despite seniors over 62 years old, this extra payment will also reach the bank accounts of survivors, disabled people, and SSI recipients.

When will the increase in Social Security benefits be deposited in June? 

The increase approved by the government will begin to be integrated into monthly payments starting in June, according to the regular payment schedule for this year. Beneficiaries from the retirement, survivor, and disability insurance (RSDI) program will get their payments in four rounds, starting June 3rd, for RSDI recipients who claimed Social Security benefits before May 1997. After this payment, Social Security will deliver three additional rounds of payments, as here detailed:

1. RSDI recipients who were born between the 1st and 10th will receive their payment on June 12th. 
2. As June 19th falls on a federal holiday (Juneteenth celebration), RSDI recipients who were born between the 11th and the 20th will receive their payment on June 18th. 
3. RSDI recipients who were born between the 21st and 31st will receive their payment on June 26th. 

On the other hand, if you don’t qualify for RSDI benefits but are eligible for SSI benefits, remember that your extra payment will not arrive until the first of July, as there won’t be Social Security benefits for these recipients in June. Social Security will resume Supplemental Security Income (SSI) payments until July, as they sent a double SSI payment in May. Lastly, please keep in mind that if your payment doesn’t arrive on the scheduled date, you should wait at least three mailing days before contacting the Social Security Administration (SSA). 

Additional benefits programs that can save you money 

Since the cost of aging in America is rising, other programs besides Social Security benefits can assist retirees in saving money. Social Security offers retirees a steady income. Unfortunately, it is not usually sufficient to meet the expenses for health care, food, shelter, and utilities. When living expenses outpace income, it can be tough to make ends meet in retirement. According to the most recent U.S. Census Bureau data, poverty among adults aged 65 and over climbed from 10.7% in 2021 to 14.1% in 2022. Therefore, to avoid missing out on this assistance, here you can find some of the most important benefit programs in the US:

• Supplemental Nutrition Assistance Program (SNAP): This program helps low-income individuals afford nutritional food. The average monthly benefit from SNAP for older people was $105 in 2020. However, almost half of those who are eligible do not enroll, costing an estimated $5 million in food assistance that could have been provided to 5 million people.
• The Medicare Part D Low-Income Subsidy: this subsidy lowers prescription drug out-of-pocket expenses. Nevertheless, according to NCOA data, 2 million eligible people choose not to enroll, costing the government $10.6 billion in lost benefits annually.
• Medicare Savings Program: this program pays for an individual’s monthly Part B premium ($174.70 in 2024). According to NCOA, 2 to 3 million people are losing out on this help, amounting to $5.94 billion in forfeited payments.