In March 2024, the Social Security Administration reported a decline of 13,578 recipients, sparking concerns about the sustainability of Social Security funds.
Data from the Social Security Administration (SSA) has indicated that the number of U.S. citizens receiving social security payments decreased in March 2024. A decline of 13,578 beneficiaries, or 0.18 percent, was reported, bringing the total down from 7.28 million individuals in February 2024 to 7.27 million in March. The decrease notably affected beneficiaries below the age of 64, while the number of "aged" beneficiaries increased. The specific causes for this drop remain unclear.
Social Security provides benefits to those 62 years of age or older who have contributed to the program through taxes during at least 10 years of work. Additionally, benefits may extend to the children of recipients, other dependents, and those with disabilities under certain qualifications. A decrease in the number of beneficiaries could indicate that fewer eligible relatives are claiming benefits, or changes in the qualifying criteria may have occurred.
Amidst these fluctuations, there are growing concerns regarding the sustainability of the Social Security funds. Estimates from the SSA in 2019 suggested that the trust fund reserves could be depleted by 2035, meaning only 80 percent of scheduled benefits might be payable at that time. A more recent 2023 report by the U.S. Congressional Budget Office (CBO) advances this projection to fiscal year 2033, warning that benefits could be reduced by 25 percent in 2034 and by 30 percent by 2097 and beyond.
Beneficiaries have seen a 3.2 percent increase in their social security checks in 2024 due to a cost-of-living adjustment (COLA). The Senior Citizens League (SCL) anticipates a further increase of 2.6 percent for the next year. However, concerns persist about the ability of these increases to keep pace with the rising costs of goods and services. Shannon Benton from TSCL expressed that the matter should be "a pressing concern of Congress as well."
A survey by Atticus found widespread dissatisfaction among seniors with the 2023 COLA increase and highlighted financial struggles among recipients. To improve their situation, financial advisors suggest that individuals can increase their future benefits by working longer years at higher pay or by delaying the receipt of benefits until the age of 70 to receive larger checks.
