The US Social Security Administration (SSA) helps many people, especially those who are underprivileged or disabled, through programs like SSI (Supplemental Security Income) and SSDI (Social Security Disability Insurance). In 2024, there are some important updates to these programs that you should know about, including increases in benefits.
In 2024, Social Security beneficiaries will see an increase in their SSI and SSDI payments due to economic factors like the cost-of-living adjustment (COLA). This year’s COLA is set at 3.2%, meaning that many Americans will get more money to help with essential expenses like food, medicine, and bills.
Overview
Program Name: 4 Social Security Raises This Year 2024
Here’s the payment schedule for Social Security benefits in July 2024:
Particulars
Payment Date
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
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.
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. The updates in 2024 show ongoing efforts to improve these important programs for the benefit of all.
What is COLA and how does it affect my benefits?
COLA stands for Cost-of-Living Adjustment. It increases Social Security benefits to keep up with inflation.
How do I apply for a Social Security raise?
Visit the SSA website, download the application form, fill it out, attach necessary documents, and submit it online.
What are the eligibility criteria for the 2024 Social Security raises?
Criteria include age, financial status, and disability status.
When will I receive my Social Security payments in July 2024?
Payments are made on specific dates in July based on your birth date and other factors.
Can I work while receiving Social Security benefits?
Yes, but exceeding earnings limits before full retirement age may result in withheld benefits.
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Elena is a seasoned tax consultant with a decade of expertise in income tax management. Graduating with top honors in Finance, she embarked on a career journey focused on simplifying tax complexities. Elena's insightful articles on thecsc.org provide practical guidance to taxpayers.
