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

Juilia Ruskin
5 Min Read

The US Social Security Administration (SSA) helps low-income and disabled people through programs like Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI). These programs aim to ensure that people can meet their basic needs, even when facing financial or physical challenges. In 2024, eligible beneficiaries can expect four significant raises in their Social Security payments. Let’s explore these changes and what they mean.

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Overview

In 2024, people receiving SSI and SSDI will see raises to keep up with the cost of living and other economic factors. These raises are essential to help beneficiaries afford necessities such as food, medicine, and bills.

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Cost-of-Living Adjustment (COLA)

One major change is the 3.2% increase in the cost-of-living adjustment (COLA) that started in early 2024. COLAs help seniors maintain their purchasing power as prices go up due to inflation. While the 2024 COLA is significant, experts think the 2025 COLA might be lower because of current inflation trends.

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Earnings Limits

Another important change is the increase in earnings limits for Social Security beneficiaries. Now, beneficiaries can earn more money and still receive their benefits. However, earning too much before reaching full retirement age (FRA) might temporarily reduce their benefits.

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Work Credits

The requirements for earning work credits, which are needed to qualify for Social Security upon retirement, have also gone up. These credits are based on how much you earn each year, and their value can change to match economic conditions.

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Wage Cap

The wage cap, which sets the maximum amount of income subject to Social Security payroll taxes, has risen. This increase ensures that the Social Security program stays funded through payroll contributions.

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Eligibility

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

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  • 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

The Social Security raises will be distributed according to 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:

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  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, the SSA has not confirmed this information. It’s important to rely on official updates from the SSA for accurate information.

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The Social Security raises in 2024 aim to help beneficiaries cope with inflation and maintain financial stability. These adjustments show the SSA’s commitment to supporting low-income and disabled communities.

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What are Social Security payments?

Social Security payments are benefits given to eligible US residents to help them meet their basic needs.

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What is the COLA increase for 2024?

The COLA increase for 2024 is 3.2%.

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How can I apply for SSA benefits?

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

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Who is eligible for the Social Security raises in 2024?

People with limited financial resources, aged 65 or older, or those with disabilities.

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What is the payment schedule for Social Security raises in July 2024?

Payments are distributed based on birth dates, with different dates for SSI and SSDI beneficiaries.

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An up-and-coming tax attorney passionate about educating readers on tax planning and mitigation strategies. Juilia articles offer practical advice and actionable tips to help individuals and businesses navigate the intricacies of tax law with confidence.
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