A groundbreaking 63.4% raise is coming to Social Security, SSDI, and SSI benefits. This historic increase is set to impact millions of seniors, disabled individuals, and low-income families across the U.S.
The boost in these checks is a response to the financial strain many have felt due to the rising cost of living and inflation. Let’s break down the details of this major change and how it will affect those who rely on these benefits.
63.4% Social Security Raise
If you or a loved one depend on Social Security, SSDI, or SSI, this raise could be life-changing. With a 63.4% increase, it aims to provide relief for around 72 million beneficiaries, allowing them to manage rising living costs more comfortably.
Many seniors have struggled to keep up with essential expenses like housing, food, and medical bills. This significant adjustment will help ease the burden.
But why such a large raise? The impact of inflation over the past few years, particularly following the COVID-19 pandemic, has left many citizens feeling financially squeezed.
The government’s response through this raise helps retirees and others on fixed incomes stay afloat as prices soar. It’s more than just a raise; it’s a lifeline for many who are struggling.
Cost of Living Adjustment (COLA)
The increase is tied to the annual Cost of Living Adjustment (COLA), a key component designed to keep benefits in line with inflation. The COLA ensures that Social Security payments increase as the cost of goods and services rises.
For 2024, this COLA is tied to a 3.2% increase, reflecting the inflation rate measured through the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
While last year’s COLA was higher at 8.7%, the current increase is still significant given the inflation rate’s trajectory. With the CPI-W sitting at 302.257 as of September 2023, this adjustment will play a pivotal role in giving seniors and other beneficiaries more financial freedom.
Although smaller than last year, this COLA remains an important tool in addressing financial hardship, especially for those with medical bills or caregiving needs.
Eligibility Criteria
Who qualifies for this massive increase? Eligibility criteria for receiving the 63.4% raise remain largely in line with existing guidelines for Social Security, SSDI, and SSI benefits:
- Seniors aged 65 or older
- Permanent U.S. citizens
- Disabled individuals, survivors, and young children in need
- Immigrants with more than 20 years of residency in the U.S.
- Low-income earners
- Individuals who have paid Social Security taxes during their employment
One big change coming in 2024 is the payment method. Instead of traditional checks, the payments will be issued via debit cards.
This transition aims to streamline the process, prevent fraud, and provide an easier way for beneficiaries to access their funds.
The second batch of debit cards is expected to be released in February 2024. Those eligible can check their payment schedule on the SSA or IRS portals.
Processing and Timing
The process for claiming these new payments involves logging into official portals like the IRS or SSA website, where citizens can access forms and other necessary information.
The “Get My Payment” link will provide all details needed to claim this raise. Once the application is filled out, it typically takes about 21 days or more for the government to verify and process the payment.
Rumors have circulated about potential delays, but rest assured, the payments are set to roll out as scheduled. Full benefits will be provided to those who reach the designated full retirement age, and debit card payments will offer added protection against theft or fraud.
What This Means for Seniors
For many seniors, this new raise represents more than just additional income—it’s a chance to catch up with rising living costs and regain financial stability.
Fixed incomes often struggle to cover unpredictable expenses like medical costs or caregiving, and this increase helps bridge that gap.
While this year’s COLA may not be as large as last year’s, the overall 63.4% raise in total benefits is expected to make a lasting impact.
If you or someone you know is eligible for Social Security, SSDI, or SSI, this raise could make 2024 a year of improved financial security and peace of mind. Don’t forget to monitor the SSA or IRS website to ensure you receive your payment on time!
FAQs
How can I claim my 63.4% raise in Social Security?
You can claim your raise by visiting the SSA or IRS portal and filling out the necessary form under “Get My Payment.”
When will the new payment increase take effect?
The second batch of debit cards is expected to be issued by February 2024.
Who is eligible for the increase?
Citizens aged 65 or older, disabled individuals, survivors, and low-income earners qualify.
What is COLA, and how is it calculated?
COLA adjusts benefits to inflation, based on the CPI-W. In 2024, it’s a 3.2% increase.
Will payments be delayed in 2024?
Though rumors exist, payments are expected to be distributed on time as scheduled.
