The Social Security Administration (SSA) helps many people in the US, especially those who are disadvantaged or disabled. In 2024, there are some important updates to the SSA programs,
like Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI), that you should be aware of. These updates include increases in the benefits you receive. Let’s take a look at what’s new and how it might affect you.
Social Security Raises in 2024
In 2024, Social Security beneficiaries will see an increase in their SSI and SSDI payments. This increase is due to the cost-of-living adjustment (COLA), which is set at 3.2% this year. This means that many people will receive more money to help cover essential expenses such as food, medicine, and bills.
Applying for Social Security Benefits
To apply for a Social Security raise in July 2024, follow these steps:
- Visit the SSA website at ssa.gov.
- Download the application form online.
- Fill in the required details on the form.
- Attach any necessary documents.
- Submit the completed form.
After submission, the SSA will review your application and guide you on what to do next. You can also contact your local SSA office for help.
Eligibility for Social Security Raises
To qualify for the Social Security raises in 2024, you must meet certain criteria, including financial and age requirements:
- Adults and children with very little money.
- Combined resources of a couple should not exceed $3,000; individuals should not exceed $2,000.
- Senior citizens aged 65 or older.
- Individuals aged 64 or younger who are permanently unable to perform basic tasks.
- Disabled or blind individuals.
Payment Schedule
Here is the payment schedule for Social Security benefits in July 2024:
- Birth Date 1st to 10th: 10 July 2024 (Second Wednesday)
- Birth Date 11th to 20th: 17 July 2024 (Third Wednesday)
- Birth Date 21st to 31st: 24 July 2024 (Fourth Wednesday)
- SSI recipients before 1997: 1 July 2024
- SSDI recipients before 1997: 3 July 2024
Social Security Changes
Social Security income gets an annual cost-of-living adjustment (COLA) to help keep up with rising living expenses. In 2024, benefits increased by 3.2%. However, it is expected that the COLA for 2025 might be lower due to current inflation trends.
Earnings and Work Credit Requirements
Social Security beneficiaries can work and earn money while receiving benefits. But if you earn too much before reaching full retirement age (FRA), your benefits might be reduced. To qualify for Social Security when you retire, you need up to four lifetime work credits each year. The value of a work credit can change, which can affect your eligibility.
Salary Cap Rise
Social Security funding mainly comes from payroll taxes. The amount of income that is taxed is determined by an annual wage cap, which adjusts to help ensure there is enough funding for Social Security.
Understanding these changes and how they affect your benefits is important. The SSA’s aim is to offer better financial support and security to those who need it most. The 2024 updates reflect ongoing efforts to improve these crucial programs and support beneficiaries more effectively.
1. What is the cost-of-living adjustment (COLA) for Social Security in 2024?
In 2024, the cost-of-living adjustment (COLA) for Social Security is set at 3.2%. This increase is designed to help beneficiaries keep up with rising living expenses.
2. How can I apply for the Social Security raise in July 2024?
To apply, visit the SSA website at ssa.gov, download the application form, fill it out, attach necessary documents, and submit it. For assistance, you can also contact your local SSA office.
3. Who is eligible for the Social Security raises in 2024?
Eligibility includes adults and children with limited income, seniors aged 65 or older, individuals aged 64 or younger who cannot perform basic tasks, and those who are disabled or blind. Financial resource limits also apply.
4. When will Social Security payments be made in July 2024?
Payments are scheduled as follows:
Birth Date 1st to 10th: 10 July 2024
Birth Date 11th to 20th: 17 July 2024
Birth Date 21st to 31st: 24 July 2024
SSI recipients before 1997: 1 July 2024
SSDI recipients before 1997: 3 July 2024
5. How does working affect Social Security benefits?
You can work while receiving Social Security benefits, but if you earn too much before reaching full retirement age (FRA), your benefits may be reduced. Ensure you stay within the earnings limits to avoid having your benefits withheld.