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

Arnia
5 Min Read

In 2024, the US Social Security Administration (SSA) will introduce important updates to help the underprivileged and disabled through its SSI and SSDI programs. These changes will include notable raises in benefits that many Americans rely on. Let’s look at what these changes mean and how they can help you.

Social Security Raises in 2024

In 2024, Social Security payments for SSI (Supplemental Security Income) and SSDI (Social Security Disability Insurance) beneficiaries will go up. This increase is due to the cost-of-living adjustment (COLA), which is set at 3.2% this year. This raise helps cover essential expenses like food, medication, and bills.

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Program Overview

  • Program Name: 4 Social Security Raises This Year 2024
  • Organization: Social Security Administration
  • Applicants: USA Residents
  • Eligibility: See below
  • Payment Date: Check Table Below
  • Payment Mode: Through Checks
  • Category: Finance
  • Website: ssa.gov

How to Apply

If you want to apply for a Social Security raise in July 2024, follow these steps:

  1. Visit ssa.gov.
  2. Download the application form online.
  3. Fill in the required details.
  4. Attach the necessary documents.
  5. Submit the completed form.

The SSA will review your application and guide you on the next steps. You can also contact your local SSA office for assistance.

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Eligibility Criteria

To qualify for the 4 Social Security Raises in 2024, you must meet certain criteria:

  • Adults and children with little to no 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:

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  • 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

Every year, Social Security income receives a cost-of-living adjustment (COLA) to help maintain purchasing power as living expenses rise. In 2024, benefits increased by 3.2%. However, predictions suggest a lower COLA for 2025 due to current inflation data.

Earnings Increase

Social Security beneficiaries can work and earn money while receiving benefits. But, if you exceed earnings limits before reaching full retirement age (FRA), some benefits might be withheld.

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Work Credit Requirements

To qualify for Social Security upon retirement, you need up to four lifetime work credits annually. The value of a work credit can vary, impacting eligibility.

Salary Cap Rise

Social Security funding primarily comes from payroll taxes. The taxable income amount is determined by an annual wage cap, which adjusts to ensure adequate funding for Social Security.

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These changes and their implications are essential for beneficiaries. The SSA aims to provide better financial security and support for those in need, ensuring that eligible individuals can benefit from these increases. The year 2024 promises significant updates to Social Security, reflecting ongoing efforts to adapt and improve these vital programs for the benefit of all.

FAQs

What are the Social Security raises in 2024?

In 2024, Social Security benefits will increase by 3.2% due to the cost-of-living adjustment (COLA).

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How do I apply for the Social Security raise?

Visit ssa.gov, download the application form, fill it out, attach necessary documents, and submit it.

Who is eligible for the Social Security raises?

Eligibility includes adults and children with limited resources, senior citizens, disabled or blind individuals, and those who meet specific financial criteria.

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When will the payments be made in 2024?

Payments will be made on specific dates in July based on your birth date and for SSI and SSDI recipients before 1997.

What is the purpose of the cost-of-living adjustment (COLA)?

The COLA helps maintain purchasing power for Social Security beneficiaries as living expenses rise.

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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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