Thousands of people will lose their Social Security benefits as the end of the year draws near. They are in charge of the Supplemental Security Income (SSI) and the Old-Age, Survivors, and Disability Insurance (OASDI) programs.
The Social Security Administration has confirmed the list of people in the United States who will no longer be able to get their monthly benefits.
At the end of 2024, thousands of Americans will no longer receive their Social Security benefits
The Social Security Administration (SSA) says that this year, about 30,000 children of workers who died lost their right to receive Social Security benefits.
This shows how flexible the program is. People in the United States who depend on Social Security benefits for money are some of the most vulnerable.
These include seniors, people with disabilities, and survivors of workers who have died and met certain SSA requirements. However, this does not mean that all Social Security benefits are permanent.
Tim Walz, who is governor of Minnesota and Kamala Harris’ running mate, talked about these benefits in a personal way. He said that after his father died, his family relied on Social Security benefits.
Even though this program is very important, new data shows that the number of children getting survivor payments has gone down since the beginning of the year.
As of January, these benefits were going to about 2.04 million kids. Since that number dropped to about 2.01 million by July, about 30,000 kids were taken out of the program.
A teacher of financial literacy at the University of Tennessee at Martin named Alex Beene said that the recent changes have made things uncertain. This has been a controversial topic for a good reason in the past few months.
Children of workers who have died are one group of Social Security recipients who have seen their benefits drop. It is not clear why this has happened, and the administration has not responded to questions about it.
Why will these beneficiaries lose their Social Security benefits?
There are a few different reasons why the number of children getting survivor payments went down from January to July. Beneficiaries could lose their benefits if they no longer meet the program’s requirements after the SSA has been checking to see if they are eligible.
Kevin Thompson, the founder of 9i Capital Group and a financial expert, says that changes in a child’s status, age, or income can cause them to lose benefits.
The earnings test could be used, and people could lose benefits or have them cut back if their income goes over certain levels that they may have to keep.
Thompson also said that a child may not be able to get survivor benefits if one of the parents who died decides to get a second job to help support the family. He also said that falling birth rates can be a reason for the drop in the number of recipients.
A lot of the kids are probably leaving the program because they are too old for it. Since Gen Y and Gen Z are having fewer babies, this may keep happening.
There is a fine line between giving and taking back what is owed to you, especially if you have a child younger than 18. There has not been any effort to cut down on the number of kids getting these benefits.
It is also important to remember that the SSA recently decided to get rid of old job classifications from its list. According to Beene, it is still not clear how that move will affect the end result.
He also said that the cut in benefits has not been the same in every state. Most people who are still eligible get a survivor benefit of almost $1,000 a month. These Social Security benefits usually last until the child gets married or turns 18.
Stepchildren, grandchildren, and adopted children are sometimes eligible for these benefits, which means that more survivors who qualify can get money.
