Huge 144.2% Increase in Social Security: What You Need to Know

Juilia Ruskin
5 Min Read

The U.S. government has recently announced a significant 144.2% increase in Social Security benefits. This has caused a lot of excitement and confusion. Let’s break down what this means and answer some common questions.

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What is the 144.2% Increase About?

The Social Security Administration (SSA) oversees two main programs: Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). These programs help disabled people with financial support. SSDI is for those who have worked and paid into Social Security, while SSI is based on financial need.

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Recently, the government announced a big 144.2% increase in SSA benefits, including SSDI, SSI, VA benefits, Social Security Retirement, and Social Security Survivors benefits.

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How Does the Cost of Living Adjustment (COLA) Work?

Every year, the SSA adjusts benefits to keep up with the cost of living. This adjustment is called the Cost of Living Adjustment (COLA). For 2023, the COLA rate was 8.3%, but it has now changed to 6.2%. This means higher payments for those who rely on Social Security.

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Over the years, Social Security payments have gone up by 81.6%. This helps seniors and others who depend on these benefits to cover their essential expenses.

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What Are Social Security (SSDI and SSI) Payments?

People who retire and no longer work get Social Security payments. These payments help them manage their daily expenses, especially as the cost of living rises.

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The COLA ensures that Social Security benefits keep up with inflation. The COLA is calculated by looking at the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the previous year to the third quarter of the current year. In 2024, the COLA increased by 3.2%, benefiting around 66 million Social Security recipients.

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Who Can Get Social Security (SSDI and SSI)?

To get Social Security benefits, you must meet certain requirements:

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  • For SSDI, you need to have worked and paid into Social Security.
  • For SSI, you must have very low income and few resources.
  • Disabled seniors must be at least 65 years old, and disabled children must be at least 18 years old.
  • You must be a U.S. citizen.

There are more specific rules for different situations, which you can check on the government’s official website.

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How Do You Claim Social Security (SSDI and SSI) Benefits?

To claim Social Security benefits:

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  1. Apply online or call the SSA at 1800-722-1213.
  2. Fill out the required forms and upload necessary documents.
  3. You can get help from a family member, case worker, or representative during the process.
  4. Provide essential documents like Social Security numbers, medical reports, and contact information.

All You Need to Know

The SSA gives monthly benefits to help people deal with financial difficulties due to inflation. These benefits go to those who have contributed to Social Security funds or are in great need. Recently, the government announced a 144.2% increase in SSA benefits to help citizens financially.

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SSI payments are made on the 1st of each month, while SSDI benefits are paid based on the birthdate of the recipient:

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  • Birthdates from 1st to 10th: Benefits on the second Wednesday of the month.
  • Birthdates from 11th to 20th: Benefits on the third Wednesday of the month.
  • Birthdates from 21st to 31st: Benefits on the fourth Wednesday of the month.

For the latest updates, check the government website regularly.

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What is SSDI?

SSDI stands for Social Security Disability Insurance. It’s for people who have worked and paid into Social Security but are now disabled and unable to work.

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What is SSI?

SSI stands for Supplemental Security Income. It’s for people with very low income and few resources, providing financial help based on need.

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How often are SSI payments made?

SSI payments are made on the 1st of each month.

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When do SSDI payments get made?

SSDI payments are made on Wednesdays based on the recipient’s birthdate.

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How can I apply for Social Security benefits?

You can apply online or by calling the SSA. Fill out the necessary forms and provide the required documents.

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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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