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

Juilia Ruskin
5 Min Read

The US Social Security Administration (SSA) supports the underprivileged and disabled through programs like SSI and SSDI. In 2024, there will be significant updates to these programs, including important raises that beneficiaries should know about. Let’s dive into the key elements of these changes.

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Raises

Increased Payments

In 2024, Social Security beneficiaries will see an increase in their SSI and SSDI payments. This is due to the cost-of-living adjustment (COLA), which is set at 3.2% this year. This increase helps cover essential expenses such as food, medication, and bills.

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Overview

Program Details

  • 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

Applying

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

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  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.

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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Qualifying

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

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  • 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

Annual COLA Adjustment

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.

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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.

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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.

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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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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. The updates in 2024 reflect ongoing efforts to adapt and improve these vital programs for everyone’s benefit.

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1. What is the COLA for Social Security in 2024?

The COLA for 2024 is set at 3.2%, increasing benefits to cover essential expenses.

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2. How do I apply for a Social Security raise in 2024?

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

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3. What are the eligibility criteria for the Social Security raises in 2024?

Applicants must meet financial and age requirements, including low income, senior citizens, disabled or blind individuals, and those with little to no money.

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4. When will the Social Security payments be made in July 2024?

Payments will be made on specific dates depending on the birth date and recipient status, such as 1st to 10th on 10 July, and so on.

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5. Can I work while receiving Social Security benefits?

Yes, but exceeding earnings limits before full retirement age can result in withheld benefits.

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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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