November 18 is approaching and Social security beneficiaries are worried. Congress may have to shut down if there is no agreement. There are many programs that rely on the federal budget and may have difficulty sending payments.
That is why it is vital to have a federal budget for next year. Note that there are about 71 million recipients who receive money from Social security or Supplemental Security Income.
Most of them Social security beneficiaries are older than 62 and they may not have enough money to get by without their monthly payments. More and more Americans are relying on retirement benefits to make ends meet.
Could a Government Shutdown Affect Social Security Payments?
Despite the fact that there may be a shutdown on November 18 at 12.01, seniors will continue to receive their retirement checks as usual. Therefore, if you collect your payment on November 22, you have nothing to worry about. But why?
For your info, Social security The administration has its own fund to make payments, so it doesn’t need the money from the federal budget to send to seniors or those on disability benefits like SSDI.
Remember that money Administration proceeds from payroll taxes go to retiree checks. Employees and employers must pay a tax of 6.2% of their wages.
They must pay this payroll tax up to the taxable maximum in 2023. The taxable maximum so far is $160,200 in 2023but it will become $168,600 in 2024. Once your earnings exceed that amount, you pay no more payroll taxes.
Are Social Security benefits mandatory expenses?
Millions of Americans receive monthly benefits. While some receive Social security for disability or retirement benefits, others simply receive supplemental insurance income.
Some low-income Americans receive Social security and additional insurance income at the same time. Therefore, the payments that make these benefits are part of the federal government’s mandated expenditures.
This is because the Social security The law authorizing the legislation requires them to send these payments. Medicare is also included here and is also a mandatory expense.
Some low-income families receive I click benefits, which is also a mandatory expense. Therefore, you don’t have to worry about this if you collect food stamps. However, if you are on WIC, you should know that this is not mandatory spending.