Latest news with #SSI
Newsweek
14 hours ago
- Business
- 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.
The Hindu
15 hours ago
- Business
- The Hindu
After Scale AI, Meta is going after OpenAI co-founder Ilya Sutskever's startup Safe Superintelligence
Meta is on AI overdrive. After steadily losing talent to rivals and a faulty product launch during its developer event, Llamacon, in May, the social media giant is desperately trying to stay in the AI race. Its plan: if you can't build internally, then go shopping. Last week (June 10), Meta agreed to pick 49% stake in data-labelling firm Scale AI — a deal that brought the company's founder Alexandr Wang under Meta's fold. Now, per media reports, the social network is looking to bolster Mr. Wangs' team. After its failed attempt to buy OpenAI co-founder Ilya Sutskever's startup Safe Superintelligence Inc earlier this year, Meta has opened communication channels with SSI CEO Daniel Gross and ex-Github CEO Nat Friedman. It must be noted that both — Mr. Gross and Mr. Friedman — run a venture fund called NFDG. Per media reports, the duo is expected to join Meta and report to Mr. Wang — Meta's superintelligence department chief. Meta will also own a portion of NFDG under the terms. Neither Mr. Gross nor Mr. Friedman have confirmed or denied talks with Meta. Apart from this, Meta has also attempted poaching OpenAI's AI researchers by offering some even upto $100 million as joining bonus Mr. Sutskever's startup SSI, per an April funding round, was valued at $32 billion. The firm was established by the Canadian computer scientist after he quit OpenAI over alignment issues.
Hindustan Times
a day ago
- Business
- Hindustan Times
Social Security payments July 2025 schedule: Here's everything you need to know
The Social Security Administration (SSA) is all set to roll out payments for July 2025 soon. The social security benefits will be paid throughout the next month. As of April 2025, nearly 73.9 million people received benefits from at least one of Social Security's programs, with the majority of them (52.6 million) being retired workers, according to Pew Research Center. Over 7.4 million people received Supplemental Security Income (SSI) payments in April this year, while nearly a third of them also received Social Security. SSA beneficiaries comprise more than a fifth of the entire US population. Due to the large number of beneficiaries, the claimants do not receive payments on the same day each month. According to Newsweek, most of these payments are made based on the birth dates of people. Individuals getting retirement, spousal, or survivor benefits before May 1997, or people who also receive SSI, follow a different payment schedule. The federal program gives monthly financial support to adults and children with disabilities or blindness, besides adults aged 65 and older. Here's when you can expect your payments next month. Also read: Social Security alert: Several benefits could be suspended if new rules aren't met In July, people will be receiving benefits on the following dates: July 1, 2025: SSI payments July 3, 2025: Retirement benefits for people getting checks since before May 1997, as well as retirees collecting SSI benefits July 9, 2025: Retirement, spousal and survivor benefits for people born between the 1st and 10th of a calendar month July 16, 2025: Benefits for those who are born between the 11th and 20th July 23, 2025: Those with birthdays between the 21st and 31st. In May 2025, the average retired worker benefit stood at $2,002.39, according to the SSA. This was the first time it crossed the $2,000 mark. Meanwhile, the SSI payments in May this year averaged $718.30 for 7.4 million recipients. In simple terms, it primarily works as a source of retirement income. Three-quarters of Social Security recipients are retired workers. This changes on a monthly basis. The benefits are based on a worker's highest 35 years of earnings. If the Social Security or the SSI payment is not paid on time, SSA recommends people to wait for at least three business days. Later on, people can get in touch with their local SSA office.
Newsweek
a day ago
- Business
- Newsweek
When Are July 2025 Social Security Payments Coming?
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. Social Security benefits will be paid throughout July—when will you get yours? Why It Matters More than 70 million Americans receive benefits and welfare payments from the Social Security Administration (SSA). Due to the large number of beneficiaries, not all claimants receive their payments on the same day each month. Most are paid based on their birth date. However, individuals who began receiving retirement, spousal or survivor benefits before May 1997, or who also receive Supplemental Security Income (SSI), follow a different payment schedule. SSI is a federal program that provides monthly support to adults and children with disabilities or blindness, as well as to adults aged 65 and older. When Is Social Security Paid in July? In July, benefits will be paid on the following dates: Tuesday, July 1: SSI payments SSI payments Thursday, July 3 : Retirement benefits for those who have been collecting checks since before May 1997 and retirees who also collect SSI benefits : Retirement benefits for those who have been collecting checks since before May 1997 and retirees who also collect SSI benefits Wednesday, July 9 : Retirement, spousal and survivor benefits for those born between the 1st and 10th of any calendar month : Retirement, spousal and survivor benefits for those born between the 1st and 10th of any calendar month Wednesday, July 16 : Benefits for those born between the 11th and 20th : Benefits for those born between the 11th and 20th Wednesday, July 23: Benefits for those with birthdays between the 21st and 31st Stock image/file photo: A Social Security card with U.S. Dollars. Stock image/file photo: A Social Security card with U.S. Dollars. GETTY How Much Is Social Security? The average retired worker benefit in May 2025 was $2,002.39, according to the SSA, the first time it has breached the $2,000 mark. SSI payments in May averaged $718.30 for its 7.4 million recipients. "The average Social Security benefit amount changes monthly," an SSA spokesperson told Newsweek. "Social Security benefits are based on a worker's highest 35 years of earnings. As wages tend to rise over time, each new group of retirees raises the average benefit amount, since their benefit calculations typically reflect higher earnings." While this is the average benefit, individual payments can vary. Social Security retirement benefits are calculated using your highest 35 years of earnings, adjusted for inflation. In 2025, retiring at the full retirement age of 67 allows for a maximum monthly benefit of $4,018. Claiming benefits early at age 62 reduces the maximum to $2,831, while delaying retirement until age 70 can increase the maximum to $5,108. Upcoming Social Security Changes Nearly 500,000 beneficiaries still receive their benefits by paper check, but this is subject to change in the coming months. Due to an executive order signed by President Donald Trump back in March, "Modernizing Payments To and From America's Bank Account," all federal payments—including Social Security, SSI, SSDI, vendor payments, and tax refunds—must be made electronically starting after September 30, 2025. According to the SSA, 493,775 remittances were and still are being made via physical check this month, across the 50 states and U.S. territories—8.7 percent of all benefit payments.
Time Business News
a day ago
- Business
- Time Business News
Bank Account Garnishment in Florida: Legal Remedies, Exemptions, and How to Protect Your Finances
Bank account garnishment in Florida is a legal mechanism creditors use to collect unpaid debts by freezing and withdrawing funds directly from a debtor's account. If you've received notice of a garnishment order, time is of the essence. Many individuals looking for help with bank account garnishment in Florida are unaware of the legal options available to stop or reverse these actions. Our law firm provides dedicated support to protect your rights and secure your financial stability. Once a garnishment is in place, your bank is legally required to freeze the account. You may lose access to essential funds unless immediate legal intervention is pursued. Florida statutes do, however, provide a robust framework for claiming exemptions, negotiating with creditors, and restoring your access to your money. Bank garnishments typically arise from: Court judgments following unpaid debts (credit cards, loans, medical bills) Past-due child support or alimony Unpaid taxes Under Florida Statute §77, a creditor must obtain a final judgment and then file a motion for a writ of garnishment. This writ allows them to notify your bank and freeze the account, often without prior notice to you. After the writ is served, your bank must: Immediately freeze the account balance Notify you of the garnishment Hold funds for a 20-day period to allow you to file a claim of exemption During this window, if you take no legal action, the funds will be released to the creditor. Quick response is critical to challenge or stop the garnishment. Florida provides several exemption options, including: Head of Household Exemption : Protects wages earned by someone who provides more than 50% support to a dependent : Protects wages earned by someone who provides more than 50% support to a dependent Social Security and Disability Benefits : Exempt from garnishment : Exempt from garnishment Supplemental Security Income (SSI) , VA Benefits , and Retirement Accounts , , and Joint Accounts where the garnishee is not the judgment debtor You must submit a Claim of Exemption and Request for Hearing within 20 days of being served. Failure to do so results in permanent loss of the garnished funds. Florida law shields wages of the head of household (earning less than $750/week) from garnishment. However, once deposited, these wages may lose protection unless kept in a separate account and traceable. It is essential to segregate exempt income from other funds and retain all deposit records to prove the source of the money. We recommend using a dedicated bank account only for protected income sources. We aggressively pursue legal strategies to stop or reverse garnishments, including: Filing Emergency Motions : To lift the freeze on your account : To lift the freeze on your account Negotiating Settlements : With creditors to reduce debt or halt collection : With creditors to reduce debt or halt collection Filing Bankruptcy: Which provides an automatic stay halting garnishment Chapter 7 or Chapter 13 bankruptcy filings can discharge or restructure your debt, eliminating the basis for garnishment entirely. If the funds are not exempt, they may take up to the full amount of the judgment. However, if your account contains exempt income, legal action can stop or reverse the garnishment. Yes, but only the portion belonging to the judgment debtor is subject to garnishment. You may protect the co-owner's share by filing a motion with appropriate evidence. Florida law allows garnishment without prior notice , but you have the right to challenge it immediately upon being served the garnishment packet. Filing for bankruptcy triggers an automatic stay, a federal court injunction that halts all collection activity, including bank garnishment. In many cases, funds garnished within 90 days prior to filing may be recovered if they exceed $600 and meet other criteria. Chapter 7 wipes out unsecured debts, while Chapter 13 creates a repayment plan. Our attorneys evaluate your specific case to recommend the most effective solution. If you're facing bank account garnishment, you have rights—but you must act quickly. We have a proven track record of helping clients fight back against illegal or excessive garnishments. Whether through exemptions, negotiation, or bankruptcy, our experienced attorneys are ready to protect your assets. Don't wait until your account is emptied—contact us now for a confidential consultation. TIME BUSINESS NEWS
