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

The US Social Security Administration (SSA) plays a crucial role in providing financial assistance to the underprivileged and disabled through the Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) programs.

These programs are designed to help individuals meet their basic needs, especially those who face significant financial and physical challenges. In 2024, eligible beneficiaries can expect four notable raises in their Social Security payments. Let’s look into these changes and know their implications.

Overview

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In 2024, recipients of SSI and SSDI can look forward to a series of raises designed to keep pace with the cost of living and other economic factors. These raises are crucial for ensuring that beneficiaries can continue to afford necessities such as food, medication, and other bills.

Cost-of-Living Adjustment (COLA)

One of the significant raises is the 3.2% increase in the cost-of-living adjustment (COLA) that took effect at the beginning of 2024. COLAs are designed to help seniors maintain their purchasing power amid rising inflation. While the 2024 COLA is substantial, projections indicate that the 2025 COLA might be lower due to current inflation trends.

Earnings Limits

Another notable change is an increase in the earnings limits for Social Security beneficiaries. Beneficiaries can now earn more while still receiving their benefits. However, earning too much before reaching full retirement age (FRA) could result in a temporary reduction in benefits.

Work Credits

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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 ensures that the Social Security program continues to be adequately funded through payroll contributions.

Eligibility

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

• Financial Resources: Individuals must have little to no money, with combined resources for a couple not exceeding $3,000 and for individuals not exceeding $2,000.
• Age: Senior citizens aged 65 or older are eligible.
• Disability: Individuals aged 64 or younger who are permanently unable to perform basic tasks due to a disability.
• Other Conditions: Blind or disabled individuals also qualify.

Payment Schedule

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The Social Security raises will be distributed according to the beneficiaries’ birth dates. Here is the payment schedule for 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 crucial to rely on official updates from the SSA for accurate information.

In conclusion, the Social Security raises in 2024 aim to help beneficiaries cope with inflation and maintain their financial stability. These adjustments reflect the SSA’s commitment to supporting the underprivileged and disabled communities.

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