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Economic Times
11 hours ago
- Business
- Economic Times
Social Security $600 Bonus Payment in July: Is it real or fake? Here's what SSA says
Reuters United States Social Security Administration logo and U.S. flag are seen in this illustration. (REUTERS/Dado Ruvic/Illustration/File Photo) Many online claims have surfaced about a $600 bonus being added to Social Security payments in July 2025. These claims are circulating widely on platforms like TikTok and Facebook. However, the Social Security Administration (SSA) has made no such announcement. The misunderstanding appears to be based on confusion about the annual Cost of Living Adjustment (COLA).Social media posts have stated that SSA has approved a $600 payment for all Social Security beneficiaries. These claims say the payments will start in June 2025 and are meant to offset rising living costs. The rumor has spread fast and reached many users on Facebook and TikTok. Many users believe the payment will automatically appear in their bank accounts along with regular monthly deposits. The content claims these bonus checks are new and separate from the usual adjustments. Also Read: Supreme Court Key Rulings: All details about birthright citizenship, Obamacare task force, LGBTQ school books The SSA has issued no official statement approving a new $600 bonus payment. The administration has not introduced any special increase for July. There is no such program in the current schedule. The $600 figure seems to come from confusion over the COLA adjustment. COLA is calculated each year and spread across monthly payments. It is not sent as a single one-time stands for Cost of Living Adjustment. It helps Social Security beneficiaries keep up with inflation. The SSA calculates this using inflation data from the Consumer Price Index for Urban Wage Earners and Clerical review takes place from July to September each year. The rate is announced in October and takes effect from January of the next 2025, the COLA increase is 2.5%. If a person receives $2,000 in monthly benefits, this means a $50 increase per month. Over 12 months, the total increase becomes $600. Also Read: Squid Game Season 3 Ending: Who is Front Man and who wins the game? Here's new twist in last episode The increase linked to COLA already started in January 2025. Beneficiaries have received the raised amount in their monthly checks since then. The timing mentioned in the online posts does not match actual payment is no extra money being sent in July. What people are calling a 'bonus' is simply the total yearly increase due to the COLA have used this confusion to trick beneficiaries. Some people have been asked to share personal details like Social Security numbers and bank account information. There are also reports of fraud targeting Medicare SSA warns all recipients not to trust unverified sources and to avoid sharing personal data online or over the phone unless certain of the contact's ensures that government payments like Social Security, Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), and Veterans Affairs (VA) benefits keep up with 2025 increase is expected to give an average boost of $47 per month. In total, this is around $564 for the year. Some people with higher benefits may see a yearly increase over $600. But most recipients will get less. Retirees will also face increased Medicare premiums. The COLA adjustment may only balance rising costs, not raise disposable income. Is there a $600 Social Security bonus in July 2025? No, the SSA has not approved any $600 bonus. The confusion comes from the annual COLA increase already applied since January. How is the COLA increase applied to Social Security benefits? The COLA increase is spread monthly. A 2.5% hike in 2025 gives around $47 more per month for average retirees.
Time of India
11 hours ago
- Business
- Time of India
Social Security $600 Bonus Payment in July: Is it real or fake? Here's what SSA says
Online Rumors SSA Confirms No Bonus Exists Live Events What is COLA? Payments Already Began in January Fraud Risks What COLA Really Means? FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Many online claims have surfaced about a $600 bonus being added to Social Security payments in July 2025. These claims are circulating widely on platforms like TikTok and Facebook. However, the Social Security Administration (SSA) has made no such announcement. The misunderstanding appears to be based on confusion about the annual Cost of Living Adjustment (COLA).Social media posts have stated that SSA has approved a $600 payment for all Social Security beneficiaries. These claims say the payments will start in June 2025 and are meant to offset rising living costs. The rumor has spread fast and reached many users on Facebook and users believe the payment will automatically appear in their bank accounts along with regular monthly deposits. The content claims these bonus checks are new and separate from the usual SSA has issued no official statement approving a new $600 bonus payment. The administration has not introduced any special increase for July. There is no such program in the current $600 figure seems to come from confusion over the COLA adjustment. COLA is calculated each year and spread across monthly payments. It is not sent as a single one-time stands for Cost of Living Adjustment. It helps Social Security beneficiaries keep up with inflation. The SSA calculates this using inflation data from the Consumer Price Index for Urban Wage Earners and Clerical review takes place from July to September each year. The rate is announced in October and takes effect from January of the next 2025, the COLA increase is 2.5%. If a person receives $2,000 in monthly benefits, this means a $50 increase per month. Over 12 months, the total increase becomes $ increase linked to COLA already started in January 2025. Beneficiaries have received the raised amount in their monthly checks since then. The timing mentioned in the online posts does not match actual payment is no extra money being sent in July. What people are calling a 'bonus' is simply the total yearly increase due to the COLA have used this confusion to trick beneficiaries. Some people have been asked to share personal details like Social Security numbers and bank account information. There are also reports of fraud targeting Medicare SSA warns all recipients not to trust unverified sources and to avoid sharing personal data online or over the phone unless certain of the contact's ensures that government payments like Social Security, Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), and Veterans Affairs (VA) benefits keep up with 2025 increase is expected to give an average boost of $47 per month. In total, this is around $564 for the year. Some people with higher benefits may see a yearly increase over $600. But most recipients will get will also face increased Medicare premiums . The COLA adjustment may only balance rising costs, not raise disposable the SSA has not approved any $600 bonus. The confusion comes from the annual COLA increase already applied since COLA increase is spread monthly. A 2.5% hike in 2025 gives around $47 more per month for average retirees.
Hindustan Times
13 hours ago
- Business
- Hindustan Times
Fact check: Is SSA introducing $600 check boost for beneficiaries in July? Here's all you need to know
Jun 28, 2025 12:06 AM IST Multiple rumors regarding the impending monthly deposits sent by the Social Security Administration (SSA) suggest that beneficiaries might receive a $600 bonus in their outstanding payments for July. The notion was widely circulated by users on social networking sites such as TikTok and Facebook. Representational Image Many online users have claimed that the SSA has approved a special $600 payment for beneficiaries starting in 2025. They further claim that such checks will be delivered in June of this year and are part of the administration's initiatives to help deal with the rising cost of living. Such 'bonus payments' were supposed to automatically show up in beneficiaries' bank accounts along with impending monthly payments. Turns out, the case is a simple instance of misunderstanding since there has been no official notice or approval from the SSA to authorize the payment of an additional $600 to all beneficiaries. It appears many people have mistaken the annual Cost of Living Adjustment (COLA) payment as a monthly payment rather than an annual one. What is COLA and how is it calculated? COLA is a monthly amount added to the payments of SSA beneficiaries to help citizens better deal with the rising cost of living. This is calculated using inflation figures from the Consumer Price Index for Urban Wage Earners and Clerical Workers. The amount is calculated by the SSA after reviewing inflation trends from July to September. The determined rate is revealed in October and is applicable from January of the coming year. The COLA rate, as decided and revealed by the SSA in October 2024, is 2.5% for 2025. This roughly equals to an additional $50 per month for someone who receives $2,000 worth of benefits per month. This sum, as calculated over the period of a year, totals $600. These payments were initiated back in January of this year. Hence, the timing claimed by online users is completely false as well. Fraudsters have made a haven out of this misunderstanding. Multiple vulnerable groups who rely on social service benefits as a means of survival have been duped into giving out their Social Security number, bank account information and Medicare IDs. By Stuti Gupta
Newsweek
02-06-2025
- Business
- Newsweek
Social Security Benefits: Payment Worth Up to $5,108 Due This Week
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Another round of Social Security payments is scheduled to be made this week for beneficiaries across the country. Why It Matters The Social Security Administration pays retirement, disability and survivor benefits to more than 70 million Americans, forming a bedrock of income for those who are retired, disabled or the survivor of a deceased worker. Payments are administered on a monthly basis and paid in one lump sum for most recipients. Because of the large number of recipients, not every claimant receives their payment on the same date each month. Benefits Paid This Week On Tuesday, June 3, benefit payments are scheduled to be made to those who have been collecting checks since before May 1997 and those who also collect Supplemental Security Income benefits. Anyone who doesn't receive their payment on the expected date should allow three working days before contacting Social Security. Saturdays, Sundays and public holidays are not working days. A stock image of a Social Security card with U.S. dollars. A stock image of a Social Security card with U.S. dollars. GETTY How Much Is Social Security? The average Social Security retirement benefit is $1,976 per month as of January 2025, but the beneficiary's lifetime earnings and years spent paying Social Security taxes determine the actual amount. Up to $2,831 can be earned each month by retiring at age 62, and up to $4,018 can be earned by claiming at full retirement age, which is 67. The upper limit increases to $5,108 for those who wait until they are 70. Benefits increase in line with inflation every year thanks to the Cost of Living Adjustment (COLA). The definitive answer for how much benefits will rise next year is not set in stone and is expected to be officially announced in October. Based on current economic conditions, the Senior Citizens League (TSCL) forecasts the COLA for 2026 to be 2.4 percent, which is slightly lower than the 2.5 percent annual boost for benefits in 2025. It would also be the lowest annual increase since 2021. High inflation during the coronavirus pandemic led to considerably higher-than-average COLAs of 5.9 percent in 2022 and 8.7 percent in 2023. "If our predictions come true and the 2026 COLA comes in at the lowest we've seen since 2021, seniors will face additional pressure at a time when they're already strained financially," TSCL executive director Shannon Benton said last month in a prediction update. "Our research shows that 73 percent of American seniors rely on Social Security for at least half their income, with 39 percent depending on the program for all of their income." Further Payment Dates In June, benefits are scheduled to be paid on the following dates:
Hindustan Times
23-05-2025
- Business
- Hindustan Times
Social Security payments: June 2025 schedule, key dates, and important changes
Social Security payments for June are just around the corner. But with the multiple changes in who receives how much and when, it can be difficult to keep a track of what's going on in order to plan for your month ahead. The Social Security Administration defines Supplemental Security Income (SSI) as 'monthly payments to people with disabilities and older adults who have little or no income or resources'. Though the amount of people eligible to access this program are severely limited, individuals who earn no more than $2,019 from work each month along with facing severe disadvantages on various other measures like disability benefits, unemployment and pensions are eligible to access this payment. Though the payment is scheduled to arrive at the 1st of each month, this time your June SSI payment will be arriving on 30th May itself. Since the 1st of June is a Sunday, the SSA issues payments on the weekday prior to that so that beneficiaries can avoid default payments and plan their upcoming month in advance. The retirement, disability and survivor benefits of Social Security are distributed across one of three Wednesdays of the month for beneficiaries who began receiving their benefits after May 1997. If your birthday is between the 1st and the 10th, your Social Security payments will arrive on the second Wednesday of each month. If your birthday is between the 11th and the 20th, your Social Security payments will arrive on the third Wednesday of each month. If your birthday is between the 21st and the 31st, your Social Security payments will arrive on the fourth Wednesday of each month. The schedule, however, carries a few exceptions as well: Payment to children or spouses who receive benefits based on someone else's work record will be processed on the same day as the primary beneficiary. Individuals who receive both Social Security benefits and SSI will receive Social Security on the 3rd of the month. Individuals whose payment date falls on a federal holiday or weekend will be paid on the weekday immediately prior. In addition, those who have their Medicare premiums paid for by the states in which they live and those who live in a foreign country will receive their payments on the 3rd of every month. The Cost of Living Adjustment is usually measured in tandem with the Department of Labor's Consumer Price Index and is meant to protect purchasing power in the midst of inflation. The 2.5% COLA increase in benefits will remain in effect making the average monthly benefit $1,976. This means that the average retirement benefit for couples will increase to $3,089 per month, $1,832 per month for surviving spouses, $3,761 monthly for widows with atleast two children, $1,580 per month for disabled workers and $2,826 for disabled workers with a spouse and one or more children. Following the backlash faced by SSA earlier this year for rehashing a 100% monthly benefit for overpayments, the new regulations passed in April have lowered the rate to 50%. This means that the SSA can only withhold up to 50% of your benefit if you fail to file a waiver, appeal or payment plan on receiving an overpayment letter. You can also ask for a reduction in recovery rate if you are experiencing financial difficulties of any sort. In-person identity checks are now required for those applying for retirement or survivor benefits outside of the online system to minimize frauds. Those applying for SSI, Medicare or Social Security benefits can also complete the verification requirements over telephonic call if need be. However, if you choose not to use your SSA account, be ready to face delays when you go to the SSA office. Under Elon Musk's control, the Department of Government Efficiency (DoGE), has significantly reduced the fiscal and human resources invested in the SSA. As a result, be prepared to deal with longer waiting durations for appeals, error correction and telephonic assistance. You can either sign up to receive your Social Security payments via direct deposit or via a Direct Express card which allows you to directly access benefits without a bank account. Direct deposit payments arrive earlier on while mailed checks can take more time.
