4 Social Security Raises in 2024 – Know How to Increase Your Benefits

Arnia
5 Min Read

The US Social Security Administration (SSA) helps many people who need financial support through programs like Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI). In 2024, people receiving these benefits can look forward to four notable raises in their payments. Let’s explore these changes and what they mean for beneficiaries.

Overview

In 2024, SSI and SSDI recipients will see a series of raises to help them cope with the cost of living and other economic factors. These increases are essential for ensuring that beneficiaries can continue to afford necessities like food, medication, and other bills.

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Cost-of-Living Adjustment (COLA)

One of the significant changes is a 3.2% increase in the cost-of-living adjustment (COLA) that started at the beginning of 2024. COLAs help seniors keep up with rising prices due to inflation. Although the 2024 COLA is substantial, it’s expected that the 2025 COLA might be lower because of current inflation trends.

Earnings Limits

Another important change is the increase in earnings limits for Social Security beneficiaries. This means beneficiaries can earn more money while still receiving their benefits. However, if they earn too much before reaching full retirement age (FRA), their benefits might be temporarily reduced.

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Work Credits

The requirements for earning work credits, which are necessary for qualifying for Social Security upon retirement, have also increased. These credits are based on annual earnings, and their value can change over time to reflect economic conditions.

Wage Cap

The salary cap, which determines the maximum amount of income subject to Social Security payroll taxes, has also risen. This increase helps ensure that the Social Security program continues to be funded through payroll contributions.

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Eligibility

To qualify for the Social Security raises in 2024, applicants must meet specific criteria:

  1. Financial Resources: Individuals must have limited money, with combined resources for a couple not exceeding $3,000 and for individuals not exceeding $2,000.
  2. Age: Senior citizens aged 65 or older are eligible.
  3. Disability: Individuals aged 64 or younger who are permanently unable to perform basic tasks due to a disability.
  4. Other Conditions: Blind or disabled individuals also qualify.

Payment Schedule

The Social Security raises will be distributed according to the beneficiaries’ birth dates. Here is the payment schedule for July 2024:

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Birth DatePayment Date
1st to 10th10 July 2024 (Second Wednesday)
11th to 20th17 July 2024 (Third Wednesday)
21st to 31st24 July 2024 (Fourth Wednesday)
SSI before 19971 July 2024
SSDI before 19973 July 2024

Applying for SSA Benefits

To apply for a Social Security raise in July 2024, follow these steps:

  1. Visit the SSA Website: Go to www.ssa.gov.
  2. Download the Application Form: Obtain the form from the website.
  3. Fill in Your Information: Complete the form with your personal details.
  4. Attach Required Documents: Include the necessary documents as specified on the form.
  5. Submit the Form: Submit the completed form to the SSA.
  6. Follow Up: The SSA will review your application and guide you through the next steps. You can also contact your local SSA office for assistance.

Fact Check

There have been claims about a $325 cut in Social Security payments for 2024. However, this information has not been confirmed by the SSA. It is essential to rely on official updates from the SSA for accurate information.

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The Social Security raises in 2024 are designed to help beneficiaries deal with inflation and maintain their financial stability. These adjustments reflect the SSA’s commitment to supporting underprivileged and disabled communities.

FAQs

What is the current status of Social Security payments?

Social Security payments are still being issued regularly, with planned raises for 2024.

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Are there any confirmed cuts to Social Security payments for 2024?

No, the SSA has not confirmed any cuts to Social Security payments for 2024.

How is the amount of Social Security benefits determined?

The amount is based on factors like age, income level, and residency status.

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When are Social Security payments distributed?

Payments are distributed on specific dates based on the beneficiaries’ birth dates.

Where can I find official updates about Social Security payments?

Official updates are available on the SSA website at www.ssa.gov.

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By Arnia
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A Certified Public Accountant specializing in personal finance and taxation. Arnia engaging writing style and deep understanding of tax codes make her articles a must-read for individuals seeking to maximize their tax savings.
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