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More retirees rely on Social Security: AARP

As Social Security turns 90, 65% of retirees now rely on it. A survey reveals public confidence in its future continues to fall.

Straight Arrow News

Social Security payments are used to an estimated 67 million people – federal data shows – 173,226 of them in New Jersey. 

And it’s easy to get confused about the types of programs, when payments are going out this month or how the amounts change over time. 

The money is intended to cover basic living expenses, ranging from food and housing to medical bills. 

We broke down the numbers and other basics for you.

Amount for Social Security payments

For one, if you’re noticing a smaller check this month, the Social Security Administration says it’s because they may have issued an overpayment in the past that the agency is seeking to get back. 

An overpayment can happen when a beneficiary fails to update a change in income, for instance, and as a result Social Security overpays them. Or the SSA can incorrectly calculate a person’s benefits.

Officials at the Social Security Administration said in April that the agency would begin sending out notices to recipients who previously received overpayments. 

After that notice went out, the agency allowed 90 days for recipients to either seek a waiver or lower repayment rate. Then after that – starting July 24 at the earliest – the agency began withholding 50% of a recipient’s benefits until the overpayment was repaid. 

Social Security paid out nearly $72 billion in improper payments – most of which were overpayments – during fiscal years 2015-2022, according to an August 2024 report from the Social Security Administration’s Office of the Inspector General.

Social Security August payment schedule

The Social Security Administration sends out payments depending on your date of birth, based on a federal calendar. 

Social Security payments are a benefit based on your earnings and are typically used as a form of retirement payment. Both you and your employer paid into the system during your time at work. 

Here’s the rundown for when you receive your check in August:

Wednesday, Aug. 13: For birth dates between the first and 10th of the monthWednesday, Aug. 20: For birth dates between the 11th and 20th of the month Wednesday, Aug. 27: For birth dates between the 21st and 31st of the month What about Supplemental Security Income?

Supplemental Security Income, or SSI, is a needs-based program for those over 65 years of age, or who are blind or have another qualifying disability. Unlike Social Security, they’re for people of limited needs and income. 

Typically, those on SSI earn less than $2,019 a month, according to the SSA. 

The SSI checks for August went out on Friday, Aug. 1. 

Friday, Aug. 29: Check for September 2025Friday, Oct. 1: Check for October 2025Friday, Oct. 31: Check for November 2025Monday, Dec. 1: Check for December 2025Wednesday, Dec. 31: Check for January 2026Friday, Jan. 30, 2026: Check for February 2026Friday, Feb. 27, 2026: Check for March 2026 What will the cost-of-live adjustments be for 2026?

We won’t know the cost-of-living adjustment, or COLA, will be for Social Security until October. 

But data suggests that it’ll be 2.5%. That’s according to Mary Johnson, Social Security and Medicare policy analyst with the Senior Citizens League who forecasts 2026 COLA using monthly inflation data

A 2.5% increase would be the same gain beneficiaries received this year, but there’s still time for the 2026 estimate to rise because the full impacts of President Donald Trump‘s tariffs are still unknown.

This article contains material from USA Today

Daniel Munoz covers business, consumer affairs, labor and the economy for NorthJersey.com and The Record. 

Email: munozd@northjersey.com; Twitter:@danielmunoz100 and Facebook