Retirees risk losing Social Security benefits in days without debt ceiling solution

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 36 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 51%

Loans Loans Headlines News

Social Security benefits could be the first to go in a matter of days if the US defaults — and retirees will 'really suffer' if Congress doesn't raise the debt ceiling by then

Missed payments from those programs could quickly lead to hardship for retirees."The maximum from SSI that you can get is $914 a month. It will be really hard to get through a month with that much money, and then those who are able to get Social Security as well get a few hundred more dollars on average. It's really hard to stretch that money through a month.

"They're going to really suffer without those benefits," Romig said."And if the stock market and bond market are roiling even before we hit default, then that means their retirement savings are also going to be declining. So even if it is possible to prioritize Social Security benefits, we can't insulate Social Security beneficiaries from some serious harm.

reporters on Thursday that progress is"slow," and that"the White House continues to prioritize paying people to not work over paying Social Security benefits and Medicare benefits," referring to Democrats' unwillingness to bolster work requirements on federal programs.hold the line on GOP demands

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in LOANS

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Debt ceiling negotiations could cause delayed distribution of Social Security checks, veteran benefitsThe U.S. is now seven days away from defaulting on its debt, which could delay the distribution of Social Security checks, veteran benefits and federal workers' paychecks.
Source: ksatnews - 🏆 442. / 53 Read more »

Debt ceiling default timeline: When are Medicaid, Social Security and other payments in jeopardyWhat would happen if Washington can't reach a deal is uncharted territory: The nation has never defaulted on its debt.
Source: abc7newsbayarea - 🏆 529. / 51 Read more »

When Treasury could start missing payments on social security, vet benefits and moreThe country technically doesn't miss interest payments until mid-June. But once it runs out of borrowing power, the government will likely miss checks for critical items like Social Security, veterans benefits, federal salaries and more. Recipients of Social Security and veterans benefits as well as military or civil service retirees who receive pensions will not receive payment on June 1 and June 2.
Source: politico - 🏆 381. / 59 Read more »

'I would have nothing': Low-income older people fear debt default that stops Social SecurityIf the U.S. fails to make Social Security payments next month, low-income older people would face dire circumstances, experts and advocates tell ABC News.
Source: ABC - 🏆 471. / 51 Read more »