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

The US Social Security Administration (SSA) plays a crucial role in supporting the underprivileged and disabled through SSI and SSDI programs. In 2024, significant updates are expected for these programs, including notable raises that beneficiaries should be aware of. Let’s cut into the key elements of these changes.

The SSA has announced four Social Security raises in 2024, providing increased benefits for those who meet the eligibility criteria. This article will look into these raises, the eligibility requirements, and the application process.

Raises

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In 2024, Social Security beneficiaries can expect an increase in their SSI and SSDI payments, driven by economic factors like the cost-of-living adjustment (COLA). This year’s COLA is set at 3.2%, impacting the overall benefits received by most Americans. This increase helps cover essential expenses such as food, medication, and bills.

Overview

Applying

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 automatically populated in the form.
4. Attach the necessary documents.
5. Submit the completed form.
6. The SSA will review your application and guide you on the next steps.
7. You can also contact your local SSA office for assistance.

Qualifying

To qualify for the 4 Social Security Raises in 2024, applicants must meet specific criteria, including financial and age requirements:

• 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

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Here’s the payment schedule for Social Security benefits in July 2024:

Social Security Changes

Recipients of Social Security income receive an annual cost-of-living adjustment (COLA) to help maintain their purchasing power as living expenses rise. In 2024, benefits increased by 3.2%, though 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. However, exceeding earnings limits before reaching full retirement age (FRA) can result in withheld benefits.

Work Credit Requirements

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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.

Knowing these changes and their implications is 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.

2024 promises significant updates to Social Security, reflecting the ongoing efforts to adapt and improve these vital programs for the benefit of all.

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