Unlock the New Changes to Social Security – Here’s When & How Much You Could Receive

In an effort to shore up the Social Security trust fund, millions of American retirees and beneficiaries may soon see changes in the amount and timing of their Social Security Checks. The recently-passed 2019 Budget Act includes a provision that moves up the timing of Cost of Living Adjustments (COLA) for Social Security recipients from the traditional December payment date to January 1st. The timing of the adjustments, which are based on the Consumer Price Index, will remain the same but the COLA amount itself could be affected by the change. According to the Social Security Administration (SSA), the delay in payment will allow the government to save approximately $2.7 billion a year on COLA payments. While March 2020 is the proposed implementation date for the new payment schedule, the Social Security Administration is encouraging beneficiaries to act now in order to ensure a seamless transition. Recipients should take advantage of the new “My Social Security” online account program or call the SSA’s toll-free customer service number to conduct primary changes or receive direct advise from a customer service representative about any necessary actions. In addition to checking accounts and making payment documents electronically, the new online program also includes a variety of helpful options such as viewing benefit relevant data, requesting replacement documents, updating beneficiaries, or addressing any payment discrepancy issues. The potential changes to Social Security Check payments could impact many American households, and it is important that recipients understand the new system. The SSA urges all beneficiaries to review their account information and take necessary steps as soon as possible to prepare for the changes. Those affected should make sure to stay informed about Social Security payments and the way the government implements any future payment alterations.