Maximize Your Social Security: $4,800 Payments Coming TODAY!

hey everyone welcome back to the channel I hope you're having an amazing day today we've got some crucial updates for Social Security beneficiaries especially those expecting payments today there's a lot to cover so let's dive in but before we continue I have a request for you guys please smash that like button and subscribe the channel and also press the Bell icon so you never miss any upcoming update your support means world to me thank you for your support let's get back to main topic starting with the big news today August 21st certain Social Security recipients will see payments deposited into their accounts for some this could be as much as $4,875 the maximum monthly benefit in 20124 but who exactly qualifies for this top tier payment well it's reserved for those who delay their social security claims until age 70 which is the maximum age at which you can start receiving benefits and still gain the maximum monthly amount for those of you with birthdays between the 11th and 20th of any month today is your payment day if your birthday falls between the 21st and 31st mark your calendar for next Wednesday August 28th and let's not forget this pattern happens every month so be sure to keep track of your specific payment schedule now let's shift gears to the cost of living adjustment Cola for 2024 this year we saw a 3 2% increase in benefits which is significant it's the third largest bump since 2011 but even with this adjustment many social security recipients are finding that the extra $59 per month for the average retiree just isn't cutting it in fact according to recent studies around 63% of seniors felt that the 2024 Cola was insufficient to meet their needs especially given the persistent rise in living costs looking ahead to 2025 the picture is is becoming clearer but not necessarily brighter early estimates suggest that the cola for next year might be around 2.6% a notable drop from this year's adjustment this would only add about $49 per month to the average social security check while any increase is better than none many beneficiaries wory that this won't be enough to keep Pace with ongoing inflation why such a low increase the answer lies in inflation Trends as inflation has been cooling the co formula based on the Consumer Price Index for urban wage earners and clerical workers CPI is likely to produce a smaller adjustment it's worth noting that this formula which has been in use for decades is often criticized for not accurately reflecting the spending patterns of seniors particularly in areas like healthc Care and housing costs these expenses often rise faster than the broader CPI to Blue meaning that the cola may not fully comp compensate for the true cost increases senior's face if the 2025 Cola does come in at 2.6% it will be the smallest increase since 2017 when beneficiaries saw just a 0.3% bump this modest increase is expected to add about $49 per month to the average check bringing the total to roughly $1,967 per month for the average retiree while this may sound decent it's important to remember that many seniors rely almost entirely on social security for their income with rising cost in nearly every aspect of life from groceries to utilities the concern is that even this modest bump won't be enough one of the key criticisms of the current Cola calculation is that it relies on the CPI to Blue which tracks the spending habits of urban workers rather than retirees retirees typically spend a larger portion of their income on Healthcare which has been increasing at a faster rate in the C pi to Blue as a result some experts advocate for using the Consumer Price Index for the elderly CPE instead which would more accurately reflect the spending patterns of Social Security beneficiaries while this idea has been floated for years it has yet to be adopted so what can you do if you're concerned about making ends meet with a smaller Cola in 2025 Financial experts recommend a few strategies number one review your budget take a close look at your monthly expenses and see where you might be able to cut back small savings can add up over time especially in categories like utilities groceries and discretionary spending number two consider additional income if Social Security isn't covering your costs you might explore other sources of income this could include part-time work renting out a spare room or even tapping into retirement savings if necessary some retirees are finding that going back to work even part-time can provide the financial cushion they need number three explore government assistance programs there are various federal and state programs designed to help seniors with Health Care housing and food costs it's worth checking to see if you qualify for any additional assistance number four maximize your benefits make sure you're getting all the Social Security benefits you're entitled to this includes understanding how spousal benefits work as well as any benefits you might be eligible for if you're widowed or disabled as we move into the latter half of 2024 it's crucial to stay informed about what's happening with Social Security especially with tomorrow's big payment date and the upcoming 2025 Cola announcement in October while it looks like the cola might not be as high as many would hope knowing what to expect can help you plan accordingly that's all for today's update if you found this video helpful be sure to hit that like button and subscribe to the channel so you don't miss our next update thanks for watching and I'll see you in the next one