It is possible that Social Security beneficiaries could be shielded somewhat from the full impact of the US defaulting on its obligations. “I am very, very concerned about what this will do to our financial industry, as well as to our benefits,” she said. Many are not only concerned about their benefits, but also that a potential stock market drop triggered by a default could decimate their retirement savings. Older Americans are more aware of the debt ceiling battle – and the potential delay in payments – this time than they were during the last major standoff in 2011, thanks to the internet, said Mary Johnson, Social Security and Medicare policy analyst for The Senior Citizens League. He has tried to reassure folks that they will receive their full benefits eventually.
“If you depend on your Social Security for most of your living expenses, you’re not going to be able to pay your rent, buy your food, pay your utilities, the basics … pay out-of-pocket health care costs that may come up.”
“A lot of people in Washington are not that in tune with what this could mean,” he said. But that’s not possible for many recipients. Max Richtman, the committee’s CEO, has been telling members to try to set aside some money to have a little cushion if their June benefits don’t arrive on time. The average benefit for retired workers is $1,827 a month in 2023. Many senior citizens are already growing worried, especially in the past week or so as the deadline grows closer, advocates say.Īlmost two-thirds of beneficiaries rely on Social Security for half of their income, and for 40% of recipients, the payments constitute at least 90% of their income, according to the National Committee to Preserve Social Security and Medicare. Here’s how we know a US default would be an economic disasterīut if the debt ceiling impasse is not resolved, those benefits could be delayed, along with paychecks to federal workers and the military, payments to Medicare providers, and federal grants to states and municipalities for Medicaid, highways, education and more.
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Five ways a debt default could affect you.
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