What to Know for Thursday, July 30th, 2026: |
1: Social Security accounts for 30% of income for Americans 65+ — wages, pensions, retirement funds, and assets fill remaining gaps |
 |
(Image Credit: Getty Images |
|
Congressional Research Service analysis of tax records and survey responses shows Social Security represents only 30% of total income for Americans 65+: Wages contribute 27%, pensions/retirement funds 24%, asset income (interest, dividends, rental income, business ownership) 12% — about 19% of Americans 65+ rely on Social Security for 90%+ of income (reaching 40% among those 80+) — most older adults supplement checks with multiple income streams rather than depending on benefits alone. Average retired worker benefit approximately $2,071/month ($24,850/year) as of 2026 — insufficient alone for typical retirement expenses: BLS spending data shows average retiree households spend closer to $50,000/year, creating significant gap most fill by drawing down retirement savings — 39% of men, 44% of women ages 65+ receive more than half retirement income from Social Security — women historically receive lower benefits due to wage gap, career interruptions, part-time work history. Traditional "three-legged stool" (Social Security, pensions, personal savings) obsolete — pensions declined from common to rare; median defined-benefit pension only $11,040/year with only 1/3 of older adults receiving any pension income: Government pensions average $25,000/year for state/local workers but private-sector pensions rare — most rely on 401(k)s, IRAs requiring self-direction and subject to market risk — multiple income sources more stable than single reliance on Social Security amid 2032 trust fund depletion concerns.
|
➜ Read the full article from Investopedia here. |
|
|
|
|
2: SSI recipients won’t receive a check in August — regular Social Security follows birth-date schedule |
 |
(Image Credit: Getty Images) |
|
SSI recipients will receive August payment Friday, July 31 and September payment Monday, August 31 — no SSI checks arrive during the month of August itself: August 1 falls on a Saturday, so SSI payment shifts to preceding business day (July 31), and September 1 (Labor Day) shifts to August 31 — this timing creates confusing situation where beneficiaries get two deposits outside August despite covering both months — Rhode Island has 27,036 SSI recipients affected by schedule. Regular Social Security retirement beneficiaries paid by birth date — those born 1-10 receive August 12, 11-20 receive August 19, 21-31 receive August 26: Beneficiaries who began receiving Social Security before May 1997, or who receive both Social Security and SSI, are paid August 3 — birth-date-based schedule unaffected by weekend/holiday adjustments — electronic direct deposit ensures funds available on scheduled dates. SSI typically issued first of month but adjusts automatically when first falls on weekend/holiday: Two deposits in August is normal and expected; September payment counting as September resource, not August, for resource limit purposes — similar pattern repeats November when first falls on Sunday — beneficiaries should anticipate dual-payment months and plan accordingly.
|
➜ Read the full article from the Providence Journal here. |
|
|
|
|
3: Humana exiting additional Medicare Advantage plans in 2027 — 600,000 seniors (8% of membership) forced to find new coverage |
 |
(Image Credit: Getty Images) |
|
Humana shuttering unprofitable MA plans second consecutive year to reach 3% margin target by 2028: CFO Celeste Mellet: "priority is to deliver on 2028 commitment of returning to sustainable margin of at least 3%" — plans with lower capital returns being eliminated despite lower beneficiary premiums/generous benefits — roughly 600,000 seniors affected (8% of 7.2M members) — Humana expects to recapture roughly 40% (240,000 people) in higher-margin plans mimicking 2025 strategy. Consolidation pattern accelerating across MA industry amid rising medical costs, declining star ratings — UnitedHealth, Elevance, Centene, Molina all improved profitability in Q2 2026: Humana's star ratings declining, reducing quality bonus payments from CMS — each half-star change worth hundreds of millions annually — Company reaffirmed adjusted earnings guidance but slashed unadjusted guidance ($6.52 per share vs. prior $8.36) reflecting star rating damage — cost controls better than expected but canceled plans offset gains. Forced disenrollments continue disrupting seniors despite 1M+ new members attracted in 2026: Beneficiaries need to actively shop during Oct. 15-Dec. 7 open enrollment for alternative MA or Traditional Medicare + Medigap — industry prioritizing profits over stability, forcing vulnerable seniors to navigate complex plan changes annually — pattern suggests continued market exits across industry as insurers maintain margin focus over member retention.
|
➜ Read the full article from Healthcare Dive here. |
 |
|
Free Medicare Help with Chapter |
90% of American seniors are on the wrong Medicare plan. Thankfully, Chapter is here to help! They can help you switch to the right plan and save $$$. Chapter saves the average senior $1,100 per year! Plus, it is 100% risk-free! Give them a call to find out how much you could save: 539-205-2147. |
askchapter.org/insider |
|
|
|
|
|
Here’s What You Missed on YouTube: |
Check out our new YouTube videos for Thursday, July 30th. |
Medicare Drug Plans to Get Much More Expensive in 2027 — Do This Now! |
 |
Medicare Drug Plans to Get Much More Expensive in 2027 — Do This Now! |
|
|
|
|
|
|
This newsletter is for information only. Always confirm your options directly with Social Security, Medicare, Medicaid, or a qualified advisor before making big decisions about your benefits. |
*View our Advertising Disclosure |
|
No comments:
Post a Comment