Boston Retirement Board approves 3 percent cost of living adjustment, rejecting larger increase sought by retirees
The board vote means retired municipal workers will receive a $450 cost of living adjustment, also known as a COLA payment, next fiscal year. Retired city workers have pushed for the city to bump that annual increase to their pension payments by $90, to $540, arguing that the current amount is not enough to offset inflation, let alone the rising costs of housing, transportation, groceries, and other living expenses.
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Here's What the Average Social Security Payment Will Be This Summer
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‘The Best Addiction One Could Have': Warren Buffett Credits This Vice for His Career of Success
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Newsweek
a day ago
- Newsweek
Social Security Changes Direction After Mass Removals
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The number of people collecting Social Security disability benefits has plateaued after a large drop off last year. Why It Matters Supplemental Security Income (SSI) benefits are issued to blind, disabled and older Americans with little to no-income or resources. Some 7.4 million collect these benefits as of May 2025. Newsweek has contacted the Social Security Administration for comment via email outside of regular working hours. What To Know Between May 2023 and 2024, the number of people claiming these benefits dropped by more than 100,000 in the space of year. Between February and May 2025, the number of people receiving SSI benefits remained relatively stable, with only slight month-to-month fluctuations. In February, 7,283,533 individuals collected SSI. This figure rose modestly in March to 7,284,527, before increasing again in April to 7,294,562—the highest monthly total in this period. However, in May, the number of recipients dipped slightly to 7,281,384. There are several reasons someone's SSI payments may stop. "Exit from the SSI program can be due to death, medical recovery, excess income (earned or unearned), excess resources, or a change in living arrangements," the SSA said in a report on disability benefit trends. "Payments may be suspended because the recipient has excess earnings, excess unearned income, excess resources, or a change in living arrangements." File photo: Social Security Administration branch sign is seen from outside. File photo: Social Security Administration branch sign is seen from outside. GETTY Which States Have the Most SSI Recipients? Since last year, the state with the largest number of SSI recipients remains California, where just shy of 1 million—987,881—beneficiaries live. In second is Texas, with some 422,000 claimants; then New York, with 418,000. On the other end, Wyoming has the smallest number of people claiming SSI benefits, with just 4,900 claimants. North Dakota and Alaska have similarly small amounts of payees—5,790 and 7,506 respectively. Increased SSI for 2026? The cost-of-living adjustment (COLA), implemented in 1975, is a fundamental component of Social Security, which helps preserve the purchasing power of benefits by keeping pace with inflation. Looking ahead to 2026, independent estimates from Social Security policy analyst Mary Johnson and The Senior Citizens League suggest a 2.5 percent COLA—matching the increase set for 2025. The Social Security Administration is expected to announce the 2026 COLA officially in October. Upcoming Social Security Changes Nearly 500,000 Social Security and SSI beneficiaries still to receive their payments by paper check, but that is expected to change in the near future. Under an executive order signed by President Donald Trump in March—titled "Modernizing Payments To and From America's Bank Account"—all federal disbursements, including Social Security, SSI, SSDI, vendor payments, and tax refunds, must be made electronically beginning after September 30, 2025. The Social Security Administration says that 493,775 payments are still being issued by physical check this month across all U.S. states and territories, accounting for 8.7 percent of total benefit disbursements.
