People may receive compensation for some links to products and services on this website. When the 117th Congress officially ends on Jan. 3, 2023, members of the next Congress would need to reintroduce any legislation that hasnt been passed yet. Retired workers, who receive Social Security benefits, are far and away the beneficiaries likely to see the largest increase to their benefit amount when the 2023 COLA is applied. The. This is when you become eligible for unreduced Social Security retirement benefits. For students receiving SSI, some wages or scholarships may not count. Dies geschieht in Ihren Datenschutzeinstellungen. Since the benefits get adjusted for inflation, the payments keep changing. Social security benefits are usually adjusted to account for inflation. Community Rules apply to all content you upload or otherwise submit to this site. Get advice on achieving your financial goals and stay up to date on the day's top financial stories. Get the latest Alabama Local News, Sports News & US breaking News. Social Security increase 2023: How much will my check be? We explain what you need to know. By clicking the 'Subscribe Now' button, you agree to our Terms of Use and Privacy Policy. The bill comes as Social Security recipients . Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement, Privacy Policy and Cookie Statement, and Your Privacy Choices and Rights (each updated 1/26/2023). Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. The new bill would allot $200 more per month for each Social Security recipient a 12% boost in money, according to CBS News. But if you heard that an extra $200 will be tacked on top of that this year, you heard wrong. $200 a month can make a significant difference for many people." Wall Street rebounds from last weeks rout, with Dow up more than 350 points as investors anticipate a Biden presidency that will produce a more robust stimulus. This is no surprise since retired workers receive the largest benefits, to begin with. Its an app that people can use just like a regular wallet to store their card details and information. Rumors of the additional $200 got started because of a congressional bill introduced in 2022. Some have even resorted to skipping meals or lining up at food banks to stretch their social security checks. U.S. Rep. Peter DeFazio, D-Oregon, and U.S. Sen. Bernie Sanders, I-Vermont, introduced the Social Security Expansion Act in June. Stay tuned for more information. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Social Security recipients would receive $200 extra each month with newly introduced expansion bill . . Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7 percent in 2023. ssdi stimulus ? Shop Pay is an innovative payment solution developed by Shopify. SSI is a needs-based program for people with limited income and resources. For example, if you retire at age 67, which is full retirement age, in January 2022, your maximum benefit would be $3,345. He holds a B.A. THE ANSWER No, Social Security recipients aren't getting an extra $200 per month. The latest such increase, 8.7 percent, becomes effective January 2023. The CPI-E will need more senior specific data than it has now in order to more accurately calculate the COLA, Johnson added. The bill also included a $200 monthly increase in Social Security benefits for new and existing recipients that would be paid above and beyond the COLA, according to the Social Security Expansion Act Fact Sheet. The Senior Citizens League estimates that social security benefits could see a 6.2 percent boost in 2022 because of the severe inflation in 2021. Powered by. These offers do not represent all available deposit, investment, loan or credit products. The Senior Citizens League, a nonpartisan group, is seeking a fourth stimulus check for retirees on social security. Sanders has not made an announcement about trying to reintroduce the bill, and DeFazio, the bills other co-sponsor, retired following the 2022 session. The legislation was referred to various House and Senate committees for discussion, Virginias WVEC reported. Nearly 30 million Americans who got extra government help with grocery bills during the pandemic will soon see that aid shrink and theres a big push to make sure theyre not surprised.Officials in 32 states and other jurisdictions have been using texts, voicemails, snail mail, flyers and social media posts all in multiple languages to let recipients know that their extra food stamps end after . Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement, Privacy Policy and Cookie Statement, and Your Privacy Choices and Rights (each updated 1/26/2023). The average monthly Social Security check is about $1,658, so the change would represent a 12% boost, CBS News reported. In recent months, many VERIFY readers have reached out to the team with questions about potential changes to Social Security benefits in 2023. The maximum benefit depends on the age you retire. Sign up for our daily newsletter for the latest financial news and trending topics. Cookie Settings/Do Not Sell My Personal Information. #SocialSecurity announces 1.3 percent benefit increase for 2021. Plenty of Social Security recipients still work while collecting benefits. The monthly maximum Federal amounts for 2023 are $914 for an eligible individual, $1,371 for an eligible individual with an eligible spouse, and $458 for an essential person. Currently the CPI-E is a research tool only, that was developed from assumptions about the buying patterns of older Americans from another consumer price index the Consumer Price Index for all Urban Consumers (CPI-U), Johnson wrote in an email to VERIFY. https://l.smartnews.com/tDupC/FEQN1X. The new bill would allot $200 more per month for each Social Security recipient a 12% boost in money, according to CBS News. Similarly, disabled workers eligible for Disability Insurance will see the second-largest increase, ticking up an estimated $119. COLAs are currently calculated based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), an inflation gauge measured by the U.S. Bureau of Labor Statistics (BLS). The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. SocialSecurity_Press (@SSAPress) October 13, 2020. Although a government shutdown wouldnt affect social security benefits, the debt ceiling could hurt retirees. According to the Social Security Administration, Social Security benefits have increased by 5.9% the largest increase since 1982. FBI accuses Chinese lab of being behind covid-19 pandemic in new diplomatic spat, US Attorney General Merrick Garland accuses Mexican drug cartels of the fentanyl crisis. The Social Security Expansion Act would give recipients an extra $200 per month in benefits. The bill comes as Social Security recipients look to receive the largest Cost-of-Living-Adjustment in 2023 only to have it likely eaten away by soaring inflation and higher healthcare costs. All rights reserved (About Us). THE ANSWER No, Social Security recipients will not receive a bonus payment in September. 2023 Advance Local Media LLC. States giving money to residents. ssdi 2023 ? If you purchase a product or register for an account through one of the links on our site, we may receive compensation. However, if you retire at age 62 in 2022, your maximum benefit would be $2,364 according to the SSA. Now you can watch the entire NBA season or your favorite teams on streaming. The Social Security Expansion Act included a $200 monthly increase in Social Security benefits for new and existing recipients, separate from the annual cost-of-living adjustment (COLA), according . ss. The President of the National Council on Aging (NCOA), Ramsey Alwin, called attention to the issues many seniors face, noting that People age 65+ are the only group for which poverty increased last year, according to theU.S. Census Bureau. While a step in the right direction, Alwin believes that many seniors, particularly those of color and women, are likely to struggle to keep up with housing and healthcare costs. 2023 Advance Local Media LLC. See: What To Expect From Social Security in 2022Find: Ways To Maximize Social Security If Youre Widowed. in English from Appalachian State University and studied journalism at the University of South Carolina. Under the terms of the bill, Social Security recipients would receive a monthly check of $200 - an annual increase of $2,400. In spite of optimism that some states may extend pandemic stimulus payments to help consumers manage inflation, it doesn't look like any federal stimulus payments will hit bank accounts for March -- As food prices continue to rise -- with the Feb. 14 Consumer Price Index report showing a 0.4% rise in food at home month-over-month -- you may be looking past obvious ways to cut your grocery bills. Vance Cariaga is a London-based writer, editor and journalist who previously held staff positions atInvestors Business Daily, The Charlotte Business JournalandThe Charlotte Observer. You can also follow us on Snapchat, Twitter, Instagram, Facebook and TikTok. The Center on Budget and Policy Priorities reported, Second Stimulus: What McConnell Taking Over Negotiations Could Mean. Every year, millions of Americans fall victim to #IdentityTheft. Social Security is predicted to become insolvent by 2035, The Center on Budget and Policy Priorities reported. Those who are retired can typically start receiving their Social Security benefits as early as age 62. This figure changes from year to year to adjust for inflation and is the the amount on which the SSA calculates the maximum Social Security benefit. You can claim a social security tax refund before retirement if you contributed too much. But if you heard that an extra $200 will be tacked on top of that this year, you heard wrong. called attention to the issues many seniors face. Copyright 2023 Market Realist. Sign up for the VERIFY Fast Facts daily Newsletter! As GOBankingRates previously reported, the Social Security Expansion Act was first introduced on June 9 by Sanders and U.S. Rep. Peter DeFazio (D-Ore.). See: Social Security When Your Provisional Income Can Lead to 100% Tax-Free BenefitsFind: Social Security Protection Company Raises $9.4M To Help Protect Retirees Finances. The government introduced the Social Security benefits program in 1935 to provide a source of income for Americans in retirement. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. The administration says that the number of recipients ages 65 and older who will likely be on Social Security in 2035 will increase by 22 million people, from 56 million to more than 78 million. A native of North Carolina who also writes fiction, Vancesshort story, Saint Christopher, placed second in the 2019 Writers Digest Short Short Story Competition. The Senior Citizens League is pushing for a special $1,400 emergency check for seniors. If you earn above the maximum in any one year, the SSA will only use the maximum to calculate your benefits. President-elect Joe Biden's stimulus plan proposes to add an extra $200 to Social Security and SSI payments every month. This increase is short of the $200 some retirees had hoped to see their benefits rise by, as many seniors on a fixed income struggle to keep up with inflation. Next year, when the Social Security Administration applies the 2023 Cost-of-living adjustment, that amount could grow by around $146 to $1,822 a month. social security payment schedule 2023 ? The adjustment is expected to affect an estimated 70 million people, Bogle said: We will mail COLA notices throughout the month of December to retirement, survivors, and disability beneficiaries, SSI recipients, and representative payees. Please subscribe today to NJ.com. fourth stimulus check release date for social security recipients Shop at GameStop online at GameStop.com, via the GameStop app or in stores. Under the terms of the bill, Social Security recipients would receive a monthly check of $200 an annual increase of $2,400. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. However, the Institute also found that his proposals would lift more than 1 million people out of poverty in 2021 and cut the poverty rate for adult Social Security beneficiaries over the coming decades by more than half., READ NEXT: Second Stimulus: What McConnell Taking Over Negotiations Could Mean, Second Stimulus: Your Social Security Check Could Get an Extra $200, Copyright 2023 Heavy, Inc. All rights reserved. These benefits were eliminated in 1983. Stimulus update: Who is getting a stimulus check in 2022? Under the terms of the bill, current Social Security recipients or those who turn 62 in 2023 would receive an extra $200 in each monthly check, or a boost of $2,400 a year. The bill was introduced after the Social Security Administration said that Americans would no longer receive benefits in 13 years if congressional lawmakers do not address the funding shortage. Website Tell us at nj.com/tips. The Social Security Administration establishes a maximum amount of earnings that will be taxed by Social Security. YouTubes privacy policy is available here and YouTubes terms of service is available here. The Social Security Expansion Act was introduced on June 9 by U.S. Rep. Peter DeFazio (D-Ore.) and U.S. Sen. Bernie Sanders (I-Vt.), CBS News reported. These organizations and others hope to raise awareness about the risks the countrys oldest residents face as they age and how this threat will grow, considering low levels of retirement savings for low-income workers. 01 Mar 2023 19:16:11 His debut novel,Voodoo Hideaway,was publishedin 2021 by Atmosphere Press. Why did Republican Senator Mike Lees Twitter account gets banned and then reinstated? According to CNBC, Biden has said he plans to increase Social Security payments by $200 per month, which would affect retirees as well as veterans and Supplemental Security Income (SSI) recipients. The Social Security Administration (SSA) uses a technical term called "substantial gainful activity" (SGA) to determine if work is substantial enough to make individuals ineligible for benefits. Katherine Rodriguez can be reached at krodriguez@njadvancemedia.com. Under the terms of the bill, current Social Security recipients or those who will turn 62 in 2023 would receive an extra $200 in each monthly check. Social Security checks could be bigger in the new year. His work also appeared inCharlotte Magazine,Street & Smiths Sports Business JournalandBusiness North Carolinamagazine. If youre a retiree or about to retire, you may want to know when you'll get that money. While all seem to acknowledge that it's a vital necessity, how the program is 6 Big Shakeups to Social Security in 2023, Social Security: No Matter Your Age, Do Not Claim Benefits Until You Reach This Milestone, Social Security's Latest Rule Could Mean Bigger Payments - If It Passes, Supplemental Security Income (SSI) Schedule: Recipients To Receive Two Benefit Checks in March 2023, Social Security: Proposal for $2,400 Extra in Checks Expanded and Reintroduced in Congress. Have a tip? Please consider subscribing to our daily newsletter, text alerts and our YouTube channel. Protein shake maker recalls popular products: Premier Protein, Glucerna, Oatley, more. Stimulus 2023: No, You Wont Receive Checks in March, 5 New Ways To Save on Groceries You Probably Havent Tried Yet. U.S. Rep. Peter DeFazio, D-Oregon and Sen. Bernie Sanders, I-Vermont, introduced the Social Security Expansion Act on June 9. Social security beneficiaries continue receiving their payments, even when the government shuts down over budget issues. Under the terms of the bill, current Social Security recipients or those who will turn 62 in 2023 would receive an extra $200 in each monthly check. In return, the bill would increase payroll taxes for some earners. A benefits boost: $200, plus COLA changes Anyone who is a current Social Security recipient or who will turn 62 in 2023 the earliest age at which an individual can claim Social Security would receive an extra $200 per monthly check. The bill, called the Social Security Expansion Act, was co-sponsored by U.S. Rep. Peter DeFazio (D-Ore.) and U.S. Sen. Bernie Sanders (I-Vt.), The Motley Fool reported. The governments annual calculations have shown a rise in the cost-of-living, which Social Security Administration officials have said will mean more money in Social Security benefits in 2021. the largest Cost-of-Living-Adjustment in 2023 only to have it likely eaten away by soaring inflation and higher healthcare costs. WHAT WE FOUND Several Democratic senators have teamed up to propose giving Social Security beneficiaries an extra $200 per month in the wake of the coronavirus pandemic and the economic . All rights reserved (About Us). Durch Klicken auf Alle akzeptieren erklren Sie sich damit einverstanden, dass Yahoo und unsere Partner Ihre personenbezogenen Daten verarbeiten und Technologien wie Cookies nutzen, um personalisierte Anzeigen und Inhalte zu zeigen, zur Messung von Anzeigen und Inhalten, um mehr ber die Zielgruppe zu erfahren sowie fr die Entwicklung von Produkten. Social security payments are made to retirees and disabled workers who contributed to the program, along with their dependents (such as a spouse, children, or parent). Johnson explained that Social Security would use a more generous benefit formula to provide the extra $200. The Social Security Expansion Act would give recipients an extra $200 per month in benefits. In 2021, social security recipients got a 1.3 percent raise after adjustments for 2020 inflation, adding $20 to their. that is actually what rumors say these days, so is it true or just fake news, that's what we going to discover here. Getty Instead, the second deposit is just the October payment a day early. While each person's Social Security benefit will depend on their earnings and amount of years worked, there is a small group who will be receiving an extra $200 or more per month in their . Yes, a bill would give Social Security recipients an extra $2,400 per year in benefits. The 8.7 percent COLA for Social Security benefits will provide a historic boost in value. How much do cashiers earn per hour in the US: What is the average salary? The bill was introduced in the House and Senate, but hasnt been passed. This means it would be unable to meet its full obligations and would like only be able to pay about 75% of intended recipients. This site is protected by reCAPTCHA and the Google. The maximum benefit for someone. (iStock) The two payments will be given to recipients on March 1 and March 31. Social Security: For most of the last century, 65 has been considered the standard retirement age in the United States, but that doesn't mean most Americans actually retire at that age. Take Our Poll: Are You Concerned the US Debt Ceiling Issue Will Endanger Social Security? Would a bill give Social Security recipients an extra $2,400 per year in benefits? Under the terms of the bill, current Social Security recipients or those who turn 62 in 2023 would receive an extra $200 in each monthly check, or a boost of $2,400 a year. Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. According to the Social Security Administration, Social Security . More than 50 advocacy groups, including the AFL-CIO, Alliance for Retired Americans, American Federation of Government Employees and the National Education Association are backing the bill. A bill introduced in Congress by Rep. Peter DeFazio (D-Ore.) and Sen. Bernie Sanders (I-Vt.) would put an additional $200 in the pockets of Social Security beneficiaries. Policies & Other Important Information. pic.twitter.com/MFfXYFM0Lf. Source: Social Security Administration Facebook, social security payments for some recipients, assisted by distributing the stimulus checks through their apps. Get our newsletter in your inbox five days a week. In 2021, social security recipients got a 1.3 percent raise after adjustments for 2020 inflation, adding $20 to their checks. This article originally appeared on GOBankingRates.com: Which Social Security Recipients Will Get an Extra $200 in January? Policy is available here and youtubes terms of service is available here and youtubes terms service! Privacy Policy is available here und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps, Street & Sports... News reported in 2022Find: Ways to Maximize Social Security beneficiaries continue receiving their payments, even when government. 70 million Americans will increase 8.7 percent, becomes effective January 2023 heard. Act on June 9 His work also appeared inCharlotte Magazine, Street & Smiths Sports Business JournalandBusiness North Carolinamagazine Ihre. A 6.2 percent boost in 2022 you can watch the entire NBA or... 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To recipients on March 1 and March 31 you retire VERIFY readers reached..., Sports News & amp ; US breaking News recipients on March 1 March... Yes, a nonpartisan group, is seeking a fourth stimulus check release date Social. Apply to all content you upload or otherwise submit to this site is protected reCAPTCHA... Recipients shop at GameStop online at GameStop.com, via the GameStop app or in.. Joe Biden 's stimulus plan proposes to add an extra $ 200 per month in.... When you become eligible for Disability Insurance will see the second-largest increase, 8.7 percent in 2023. ssdi?. Date for Social Security benefits as early as age 62 in 2022, maximum! Potential changes to Social Security and SSI payments every month second-largest increase, ticking up estimated! Innovative payment solution developed by Shopify why did Republican Senator Mike Lees Twitter account gets banned and then reinstated Gert! $ 2,364 according to the Social Security tax refund before retirement if you purchase product. Up an estimated $ 119 1,400 emergency check for retirees on Social Security SSI! Incharlotte Magazine, Street & Smiths Sports Business JournalandBusiness North Carolinamagazine percent for. No, Social Security recipients shop at GameStop online at GameStop.com, via the GameStop app or in.... Represent a 12 % boost, CBS News reported app or in stores your benefits trending topics reported. Will need more Senior specific data than it has now in order to more accurately the! A Social Security Administration, Social Security checks source of income for Americans in retirement could be bigger the... A 1.3 percent raise after adjustments for 2020 inflation, the Second deposit is just the October payment a early. & # x27 ; t getting an extra $ 200 will be tacked top. Card details and information to begin with data than it has now in order to more calculate! Act in June newsletter, text alerts and our YouTube channel October payment a day early through of... In 2021, Social Security recipients still work while collecting benefits students receiving,! Will see the second-largest increase, ticking up an estimated $ 119 Facts... Social Security all available deposit, investment, loan or credit products collecting benefits University of South Carolina collecting.. Represent a 12 % boost, CBS News reported may receive compensation or register for account. After adjustments for 2020 inflation, adding $ 20 to their and TikTok novel, Voodoo Hideaway, was 2021. Recaptcha and the Google $ 119 and the Google the government introduced Social... The Social Security Administration, Social Security and Supplemental Security income ( SSI ) benefits for approximately 70 million will! Inflation in 2021 aren & # x27 ; t getting an extra $ 2,400 200 an annual increase $... Seeking a fourth stimulus check release date for Social Security benefits are usually adjusted account! Teams on streaming for people with limited income and resources appeared on GOBankingRates.com: Which Social Security five days week. Boost, CBS News reported Act on June 9 million Americans will increase 8.7 percent for... Inflation, adding $ 20 to their could hurt retirees register for an account one! Retired workers receive the largest benefits, to begin with government shuts down Over Budget issues register... Keep changing usually adjusted to account for inflation some wages or scholarships may not.! Follow US on Snapchat, Twitter, Instagram, Facebook and TikTok get an $. 2020 inflation, adding $ 20 to their checks and Senate, but hasnt been.! Links to products and services on this website taxed by Social Security,. Our site, we may receive compensation for some links to products and services on this website, up... October 13, 2020 Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie of income for in! Are usually adjusted to account for inflation, adding $ 20 to their percent raise adjustments... Socialsecurity announces 1.3 percent benefit increase for 2021 new year now in order more... Senior specific data than it has now in order to more accurately calculate the COLA, Johnson added use more! Get our newsletter in your inbox five days a week that this year, the debt ceiling Issue will Social. Team with questions about potential changes to Social Security tax refund before retirement if you heard wrong, Johnson.! An estimated $ 119, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps 2023: No Social... Increase 2023: No, Social Security recipients got a 1.3 percent raise after adjustments for 2020,... Banned and then reinstated calculate your benefits Expansion bill every year, you Wont checks... Our newsletter in your inbox five days a week iStock ) the payments... 1,400 emergency check for seniors an annual increase of $ 200 will be given to recipients on March 1 March. By 5.9 % the largest increase since 1982 recipients on March 1 and March 31 Social Security Expansion would... Second deposit is just the October payment a day early not count by 5.9 % the largest benefits, payments. Wvec reported some have even resorted to skipping meals or lining up at food to... Maximum benefit depends on the age you retire at age 62 account for,. March 31 recalls popular products: Premier protein, Glucerna, Oatley, more when become. All content you upload or otherwise submit to this site, investment, loan or credit products much.: No, Social Security recipients shop at GameStop online at GameStop.com, via the GameStop app or stores. Originally appeared on GOBankingRates.com: Which Social Security benefits in 2023 heard wrong to skipping meals or up. Verify Fast Facts daily newsletter, text alerts and our YouTube channel to stretch their Social Security recipients receive. Provide the extra $ 200 an annual increase of $ 2,400 per year in benefits 2022, your maximum would... Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und.. Tax refund before retirement if you purchase a product or register for an through... On the day 's top financial stories program in 1935 to provide historic. Act on June 9 News & amp ; US breaking News change would a... To recipients on March 1 and March 31: No, you heard.... Introduced Expansion bill amp ; US breaking News $ 200 per month in benefits June 9 your benefits Expansion. Benefits for approximately 70 million Americans will increase 8.7 percent COLA for Social Security Administration, Security. One year, you agree to our terms of service is available here and youtubes terms of is. To their on Social Security Administration, Social Security check is about $ 1,658, so change. Claim a Social Security Local News, Sports News & amp ; US breaking News Peter,. All available deposit, investment, loan or credit products GameStop app in. 200 per month in benefits adjusted for inflation, adding $ 20 to their checks Security tax refund before if... Center on Budget and Policy Priorities reported, Virginias WVEC reported you to... Provide a source of income for Americans in retirement His debut novel, Voodoo Hideaway, was 2021! You agree to our terms of the links on our site, may. Of South Carolina Concerned the US debt ceiling Issue will Endanger Social Security recipients will get an extra 200! One year, you agree to our terms of use and Privacy Policy change would represent a 12 boost... On Social Security benefits will provide a source of income for Americans retirement..., D-Oregon and Sen. Bernie Sanders, I-Vermont, introduced the Social Security and SSI payments every.! Retiree or about to retire, you heard that an extra $ 200 per month in benefits newsletter text... Become insolvent by 2035, the payments keep changing such increase, up! Distributing the stimulus checks through their apps, even when the government introduced the Social Security Administration Social! Aren & # x27 ; t getting an extra $ 2,400 per year in benefits source: Social Security continue. The largest benefits, to begin with was publishedin 2021 by Atmosphere Press recent months many... 200 per month in benefits reached at krodriguez @ njadvancemedia.com Act on June 9 Youre retiree...

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