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The first distribution in May went to retirees born between the 1st and 10th, while the second wave went to those born between the 11th and 20th.
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The amount of money received by each recipient depends on their retirement age: $2,572 for those retiring at 62, $3,627 for those retiring at 67, and $4,555 for those retiring at 70.
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Lawmakers have proposed raising the retirement age to 70 in the United States.
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If Congress does not address future funding for Social Security, recipients may see a decrease in their payments, and the program could become insolvent within 10 years.
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A default on U.S. loans in June could result in a delay or decrease in Social Security payments for beneficiaries.
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Social Security recipients may experience a lower cost-of-living adjustment (COLA) of 3.1% next year, compared to the 8.7% they received in 2023.
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The annual COLA is determined based on the consumer price index for urban wage earners and clerical workers.
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It is essential for lawmakers and experts to address the future sustainability of Social Security to ensure the financial well-being of retirees.
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Next steps