Social Security Sees 200K Drop For Supplemental Benefit

Higher cost of living and a surge of baby boomers opting to stay in the workforce are two factors behind a 200,000 drop of beneficiaries applying for Supplemental Security Income, Newsweek reported Monday.

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Citing recent SSI data, 7.41 million Americans were receiving checks in October, down from 7.43 million in January. SSI is a benefit of Social Security that helps people with disabilities or older Americans with very little income.

One expert told Newsweek that fewer people are enrolling for SSI because of "[t]he higher cost of living combined with more inclusive working environments," like remote work, for example.

"For seniors, we're seeing increasing numbers of baby boomers who are retiring, but we're also seeing a surge in those in that age group sticking in the workforce for a few more years and delaying tapping into their benefits," Alex Beene, financial literacy instructor for the University of Tennessee at Martin, told Newsweek. "Social Security was once looked at as a blessing of retirement, but with costs dramatically higher for most Americans, it's easy to see why some are forgoing or waiting on them."

Putting off retirement also leads to higher Social Security income because of the longer wait.

"In 2024, those who retired at 70 saw a maximum monthly benefit of $4,873. That's compared to those who retired at age 62 in 2024, who see a maximum benefit of only $2,710," according to Newsweek.

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