Despite more baby boomers becoming retirement age, the Social Security Administration has seen a drop in beneficiaries of certain kinds of Social Security payments each month.
Supplemental Security Income, or SSI, is a benefits program available to people with disabilities as well as older adults with little to no income.
According to recent SSI data, 7.43 million Americans were receiving SSI checks in January. By October, that number had declined to 7.41 million, showing an overall decline of roughly 200,000.
Alex Beene, financial literacy instructor for the University of Tennessee at Martin, said in general, fewer people are enrolling in and receiving Social Security disability payments.
“The higher cost of living combined with more inclusive working environments from employers eager to …