Social Security Benefits Sent to Nearly 200,000 New People

social security benefits sent to nearly 200,000 new people

A sign is seen outside a US Social Security Administration building, November 5, 2020, in Burbank, California. The number of people who received total social security increased in April, according to data from the administration.

The number of Americans who collected benefits from the Social Security Administration rose to almost 72.23 million in April compared to 72.03 million in March, according to the latest data from the agency.

The figures suggest there were about 195,000 new recipients of Social Security, Supplemental Security Income or a combination of both. In April, 64.8 million people received only Social Security benefits, up from 64.6 million the previous month.

It's unclear what was behind the monthly increase. Newsweek has contacted the SSA for comment via email.

The Context

About 70 million Americans receive retirement benefits from the Social Security Administration. According to the agency, an individual who retires in 2024 at 70 years old may qualify for a monthly benefit of $4,873. For those who retire at 67 years old, the full retirement age, the maximum amount would be $3,822.

In April, the number of benefit recipients who were 65 years old or older totaled more than 55 million people, a slight uptick from March's 54.9 million. The amount disbursed for Social Security alone in April was about $120 million, an average of $1,777 per month, the data showed. In March, the amount was about $119.8 million, with an average monthly benefit of $1,775.

Views

Part of the reason behind an increase in new recipients of Social Security benefits may be that more people retired.

"The answer to your question may be due to people simply choosing to retire and start Social Security right away, or they just decided not to wait any longer," Burt Williamson, a retirement specialist at PlanPrep, told

Newsweek.

This move could be informed by fears that the agency's redefining of public assistance may "dilute" what retirees can get in benefits, or perhaps there was an urgent need for cash that precipitated early retirement.

Another key reason is concern over the future of Social Security itself, Williamson said.

"Fear that the trust fund will run out of money in 2033, causing them to receive less after that occurs," he said.

Social Security's longevity is a recurring concern for Americans, with experts suggesting that without reforms, the trust fund that disburses the benefits may be depleted in about a decade. Steve Goss, the Social Security Administration's chief actuary, suggested that should the fund be drained by 2033, the agency could be forced to pay about 80 percent of benefits.

In a Morning Consult/Bloomberg poll, Americans suggested they would welcome a cut in benefits for retirees in high income brackets as a way to extend the life of the fund. The poll found that 57 percent of swing-state voters approved of such a move, even though it was not immediately clear what would constitute high income in that equation.

Taxing billionaires to fund Social Security was also popular among respondents, with about 77 percent of those surveyed in favor of the move.

But Williamson suggested that Americans may not be aware of how the benefits system works.

"A lot of people don't understand that even if there are reductions in the future, the amount they could receive during a normal life expectancy should still be about the same, whether they start early or late," he told Newsweek.

What's Next

Recent research suggests that the number of Americans reaching the age of 65, the traditional retirement age, will be higher in 2024 compared to recent history, a trend that experts say will continue over the next few years. The Wall Street Journal said that more than 4 million Americans would hit the milestone age this year.

While the increase in older Americans could mean more retirees relying on retirement savings such as Social Security benefits, almost 20 percent of this age group is still working.

"Nearly double the share of those who were working 35 years ago," the Pew Research Center reported.

These Americans may still be working because they are healthier or have retirement savings plans that don't have a set retirement age. Another reason may be policy shifts in when older Americans can access their retirement funds.

Pew's analysis said, "Changes to the Social Security system, which raised the age that workers receive their full retirement benefits from 65 to 67, likely have encouraged older adults to delay retirement and continue working, according to labor economists."

Update 05/13/24 2:08 p.m. ET: This article was updated with comment from Burt Williamson.

Related Articles

    Start your unlimited Newsweek trial

    OTHER NEWS

    21 minutes ago

    South-East Asia’s carbon storage dreams: Visionary climate solution or folly?

    22 minutes ago

    With future sorted, France’s Mbappe will be ‘unstoppable’ at Euro 2024, says Djibril Cisse

    24 minutes ago

    Does Donald Trump have a shot in appealing his hush money conviction?

    24 minutes ago

    Video: Brave Kate is a beacon of light in new behind-the-scenes Trooping the Colour video - as Waleses reveal they are 'in awe' at 'incredible' ceremony that included Princess' Buckingham Palace balcony appearance

    24 minutes ago

    Concerns grow as 'gigantic' bird flu outbreak runs rampant in US dairy herds

    24 minutes ago

    Trump confuses doctor's name whilst accusing Biden of cognitive decline

    24 minutes ago

    Election diary: a tax on disco music, a levy on punctuation – and VAT terror stalking rural England

    24 minutes ago

    England vs Serbia referee had 'disaster' at World Cup which led to Lionel Messi glory

    24 minutes ago

    Hynes axed as new-look Blues squad confirmed

    24 minutes ago

    England vs Serbia: Date, kick-off time and TV channel for Euro 2024 group-stage game

    24 minutes ago

    Is Poland v Netherlands on TV? Kick-off time, channel and how to watch Euro 2024 match today

    24 minutes ago

    As Boeing looks to buy a key 737 supplier, a whistleblower says the problems run deep

    24 minutes ago

    A Swiss museum will remove 5 paintings potentially looted by Nazis

    26 minutes ago

    UK Conservatives getting ‘smashed’ in the polls

    31 minutes ago

    GT Aston Martin Exits Le Mans In a Dramatic Rollover Crash

    31 minutes ago

    Fernando Alonso knows the moment it will be ‘bye bye’ from F1 for good

    37 minutes ago

    The Tory manifesto raises more questions than answers – here are 20 of the biggest

    37 minutes ago

    'This film is about a survivor': Alicia Vikander on playing Katherine Parr

    37 minutes ago

    Controversial finish in Collingwood and North Melbourne game, as Bobby Hill takes MOTY contender, and Giants down Power

    37 minutes ago

    THR Frontrunners Q&A With the Cast and Creators of 'Young Sheldon' | THR Video

    37 minutes ago

    'We'll hunt you': Trump, MAGA supporters' violent rhetoric isn't a glitch. It's a feature.

    37 minutes ago

    The big lie: why taxes are going up (no matter what the Tories or Labour say)

    37 minutes ago

    ‘Star of the show’: DeChambeau firmly in driver’s seat to win second U.S. Open

    37 minutes ago

    ‘Keep the coaches, change entire team’: Wasim Akram wants all players of Babar Azam-led Pakistan squad dropped

    37 minutes ago

    Donald Trump challenges Joe Biden to cognitive test but then forgets name of his own doctor

    37 minutes ago

    Lady Elliot Island boat capsize: Desperate search for missing man after boat overturned ends in tragedy off Queensland coast near Bundaberg after Life Flight winched a father and son to safety

    40 minutes ago

    Ashley Graham debuts children's book encouraging self-love, confidence

    45 minutes ago

    Video: Hundreds of Majorcans take over tiny picture postcard cove made famous by Instagram 'influencers' and unfurl banners reading 'SOS Residents' amid Spanish island's anti-tourism backlash against UK holidaymakers

    45 minutes ago

    Ukraine proves it can target the Russian air force's weakest link

    45 minutes ago

    Canada cricketers miss out on marquee matchup with India due to wet ground conditions

    45 minutes ago

    Luai praised as Origin awaits

    45 minutes ago

    'Good to go': Edwards, Luai shine in final NSW audition

    45 minutes ago

    Down 10% in a week! What’s wrong with the Legal & General Group share price?

    45 minutes ago

    Gary Neville hammered after naming England XI Southgate MUST pick for Euro 2024 opener

    45 minutes ago

    'Prison-cell' flat that costs £475 a month is like a sit-com set

    45 minutes ago

    Ox Nche makes the cut as Bulls dominate URC Team of the Season

    45 minutes ago

    Israel announces ‘pause’ along southern Gaza route to allow in aid but no let up in Rafah offensive

    48 minutes ago

    Thorpe Park’s Hyperia rollercoaster breaks down again leaving thrillseekers hanging at 236ft

    50 minutes ago

    Woman who spent 43 years behind bars has murder conviction overturned

    50 minutes ago

    "Pogacar seems unbeatable, so we must aim for stage victories": What can EF-boys Powless and Van den Berg pull off in the Tour?