Social Security Benefits Changes for Seniors

Retirees are encouraged to consider delaying their Social Security benefits until age 70 to maximize their payouts, as the average monthly benefit at age 70 is approximately $2,038 compared to $1,919 at age 62. The U.S. government has introduced additional financial assistance for low-income and disabled citizens, providing $2,400 plus $200 monthly to help seniors meet their basic needs under the Social Security Expansion Act. September 2024 will see a scheduled payment rollout for Social Security beneficiaries, with adjusted payments due to a 3.2% cost-of-living adjustment. The Social Security Administration outlines specific payment dates based on beneficiaries' birth dates, ensuring timely disbursement for those eligible. Understanding the average benefits and claiming strategies is crucial for retirees planning their finances, as benefits can vary significantly based on when claims are made. Setting up a 'my Social Security' account can help individuals track their expected benefits more effectively.