SSI Benefits vs COVID-19
(FinancialHealth.net) – Over 67 million Americans collect Social Security. With COVID-19 sweeping the globe, one question on many people’s minds is how the pandemic will affect their Social Security benefits.
Your financial health is a priority now more than ever, so it’s important to set your mind at ease. The Social Security Administration shared this important update:
— Social Security (@SocialSecurity) March 20, 2020
It’s reassuring, but there are still some issues to think about as the country remains on high alert.
Funding is secure. There is a $2.9 trillion asset reserve program in place for Social Security. The net cash surplus is a back-up plan for the current state of cash disbursement. While the program may be affected long-term by COVID-19, it won’t be for over another 30 years. In the meantime, these asset reserves prevent Social Security from going bankrupt and keep checks flowing.
Offices are closed, but communication is not. Offices are closed to the public, and there is limited customer service available, but payments are still processing as planned. If you need to call and check on a processing claim or dispute, be patient as your wait time may be longer than usual.
Stay connected. For info on any changes or delays in fund distribution or application processing in the future, check out the Social Security Administration website, stay posted on Twitter or watch for updates through the mail.
Life may seem a little uneasy at the moment, but rest assured things will return to normal again. For now, be informed and stay safe. We’re all in this together.
~Here’s to Your Financial Health!
Copyright 2020, FinancialHealth.net