CR Gives SSA Half the Amount Requested

Sep 27, 2022 / By Elaine Floyd, CFP®

Congress is still in the process of hammering out a continuing resolution (CR) to keep the government running until lawmakers can agree on budget for FY 2023. As discussed in this newsletter, CR funding for any given agency usually matches the amount they got last year, unless an “anomaly” is granted. This year SSA asked for an anomaly of $800 milion over and above the $13 billion the agency received last year.

We just received word that the CR will grant SSA half that, or $400 million. Jeff Nesbit, SSA communications director, was pleased, saying that anomaly funding has never happened for the agency. Still, the $13.4 billion is far less than SSA needs to properly do the job of paying benefits, serving customers, maintaining and training staff, and keeping information systems up to date.

For more information see this article, Congress Takes Steps toward Enacting Continuing Resolution as End-of-Week Deadline Looms and read the latest draft of the CR.

As director of retirement and life planning for Horsesmouth, Elaine Floyd helps advisors better serve their clients by understanding the practical and technical aspects of retirement income planning. A former wirehouse broker, she earned her CFP designation in 1986.

 

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