Higher cost of living and a surge of baby boomers opting to stay in the workforce are two factors behind a 200,000 drop of beneficiaries applying for Supplemental Security Income, Newsweek reported Monday.
Citing recent SSI data, 7.41 million Americans were receiving checks in October, down from 7.43 million in January. SSI is a benefit of Social Security that helps people with disabilities or older Americans with very little income.
One expert told Newsweek that fewer people are enrolling for SSI because of “[t]he higher cost of living combined with more inclusive working environments,” like remote work, for example.
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