The Social Security Administration (SSA) has announced a 63.4% raise in Social Security, SSDI, SSI, and VA benefits for 2024.
This substantial increase comes in response to the financial difficulties many seniors, disabled citizens, and low-income individuals have faced since the COVID-19 pandemic.
In this article, we’ll discuss the details of this raise, including eligibility criteria, the Cost of Living Adjustment (COLA), and how beneficiaries can claim this new increase.
63.4% Raise in Social Security, SSDI, and SSI Checks
This significant 63.4% raise in Social Security benefits aims to help 72 million Americans manage rising living costs.
Many seniors and disabled citizens depend on fixed incomes, which have not kept pace with inflation.
For those already struggling to make ends meet, this raise can be life-changing, as it adds to the previously provided stimulus payments and helps improve the quality of life for retirees and low-income individuals.
What is the Cost of Living Adjustment (COLA)?
The Cost of Living Adjustment (COLA) is a yearly increase in Social Security benefits that helps beneficiaries keep up with inflation.
It is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which tracks changes in the prices of goods and services over time.
For 2024, the COLA is 3.2%, slightly lower than last year’s 8.7% adjustment. This smaller increase reflects a moderate inflation rate compared to the previous year.
While the COLA for 2024 may seem lower, the combined benefits, including the 63.4% raise, aim to offer more substantial financial relief.
| Year | COLA (%) |
|---|---|
| 2023 | 8.7% |
| 2024 | 3.2% |
This adjustment ensures that retirees, disabled individuals, and low-income earners can maintain their purchasing power even as the cost of living rises.
Who is Eligible for the 63.4% Raise?
The 63.4% raise in Social Security, SSDI, and SSI payments is designed to benefit several groups of citizens. To be eligible, you must meet the following criteria:
- Seniors aged 65 or older.
- Permanent citizens of the United States.
- Disabled individuals, survivors, or children receiving SSDI or SSI benefits.
- Immigrants who have lived in the U.S. for 20+ years and can prove their residency.
- Individuals who have paid Social Security taxes during their employment.
- Low-income individuals who are eligible for Supplemental Security Income (SSI).
For those who qualify, payments will be processed via debit cards instead of traditional checks, allowing for safer and more convenient transactions.
New Social Security Payment Methods
The Government is shifting from paper checks to debit cards for Social Security payments in 2024. This ensures that beneficiaries have easy access to their funds while reducing the risk of theft or fraud. The second batch of debit cards is scheduled to be sent out in February 2024. Beneficiaries can check the payment schedule by logging into the SSA or IRS portals.
| Birth Date Range | Payment Date |
|---|---|
| 1st – 10th | Second Wednesday of the month |
| 11th – 20th | Third Wednesday of the month |
| 21st – 31st | Fourth Wednesday of the month |
Those expecting a payment can also visit the official IRS website and use the “Get My Payment” tool to check their payment status.
How to Apply for the 63.4% Raise
If you are eligible for the 63.4% raise but have not yet received your payment, you can apply online by visiting the SSA or IRS websites. Follow these steps:
- Log into your account on the SSA portal or create a new account if you don’t have one.
- Navigate to the “Benefits” section and click on “Get My Payment”.
- Complete the required application form with personal and banking details.
- Submit the form and wait for the verification process, which typically takes 21 days or more.
Once approved, you’ll receive your payments directly to your account or through a debit card.
Fact Check: 63.4% Raise in Social Security
There have been many rumors surrounding the 63.4% raise in Social Security payments. While the increase is substantial, it has been officially confirmed by the SSA and other federal departments like the IRS.
Payments may be slightly delayed, but all qualified beneficiaries will receive their funds.
Moreover, the raise is tied to full retirement age (FRA), meaning that seniors who reach their FRA will receive the maximum benefits, especially if they have delayed their retirement. This system helps individuals increase their savings and maintain financial stability.
The 63.4% raise in Social Security, SSDI, SSI, and VA benefits is a welcome relief for many Americans facing financial challenges.
With the rising cost of living and inflation pressures, this significant increase in payments will help seniors, disabled individuals, and low-income earners maintain a better quality of life.
Eligible individuals should make sure to update their information with the SSA and monitor the payment dates to receive their funds promptly.
FAQs
What is the new COLA for 2024?
The COLA for 2024 is 3.2%, based on inflation and the CPI-W.
When will I receive the 63.4% raise in Social Security?
The second batch of payments is expected in February 2024. Payments are typically scheduled based on your birth date.
How do I apply for the Social Security raise?
You can apply for the raise through the SSA or IRS portals by filling out an online form.
Is the 63.4% raise confirmed?
Yes, the 63.4% raise has been confirmed by the SSA and is intended to help with inflation and rising living costs.
Will I receive my Social Security payment via check or debit card?
Payments are being transitioned to debit cards to ensure safer, faster transactions.
