As it stands, social security has come up to be one of the hottest topics of this election season, and most experts have been claiming about big, proposed changes that could be coming in soon. The White House recently released a budget proposal for 2024, which included additional benefits and funding for the beneficiaries of SSDI and Medicare.
Although the Ṭrust Fund is projected to be completely drained by 2034, the proposal doesn’t really anticipate any cutting benefits for the recipients who have participated in it currently. With multiple changes coming around the horizon, a looming deficit, and high inflation, this could turn out to be a focal point for this summer, as the legislators debate the budget proposal and would try to protect the retirement income for millions of Americans.
Social Security To Be One Of The Biggest Talking Points This Election
The current year has also seen one of the biggest jumps in the payouts in Social Security since the 1980s. With inflation running strong in 2022, the Social Security Administration also increased the average payout to the recipients by 8.7%. Truadvice Wealth Management’s David Berns is of the opinion that this could be a positive move since social security was the only investment that was inflation-adjusted- which has been backed by the US Government. With the beneficiaries receiving an increase of 8.7% for 2023, this does tell us that the Feds and the administration were quite aware of the current rate of inflation.
The new average monthly payment for Social Security has been estimated at $1,827. For those wondering, this is an increase of $146 over the previous monthly payment of $1,681.
