Thousands Removed from Social Security: Federal payments from the Social Security Administration declined by about 13,500, according to agency data.
There were about 7.27 million recipients of federal payments in March, compared with 7.284 million the month before. Nearly 1.115 million recipients qualified based on their age, slightly more than in February.
The number of blind and disabled people receiving benefits declined from 6.171 million in February to 6.156 million in March.
There were 982,000 under-18 recipients last month, down from 989,000, and 3.96 million 18-to-64 age recipients, down from 3.972 million in February.
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The number of people 65 and older was about 2.328 million in March, higher than the number of 2.323 million in February.
There was no clear explanation for the drop in federal payments for the month.
The Federal Reserve has tightened financial conditions to slow spending, but inflation has remained stubbornly above the 2 percent target set by the central bank.
Analysts worry that the 3 percent cost-of-living adjustment won’t fully protect senior purchasing power.
“I’m just not sure that’s going to be enough,” finance expert Michael Ryan told Newsweek last week. “Seniors are already struggling to afford basic necessities like health care, food and housing. This increase may provide some relief, but I worry it still won’t fully protect their purchasing power.”
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