4 Social Security Raises This Year 2024 – Know How To Increase?

The US Social Security Administration (SSA) manages the Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) programs, providing critical support for low-income and disabled individuals. SSDI offers work credits for eligible working individuals, and these credits are not deducted when SSI payments are made. The SSA is expected to announce four significant Social Security raises in 2024 for those meeting the eligibility criteria outlined for Social Security benefits.

4 Social Security Raises in 2024

Eligible recipients of SSI and SSDI can anticipate increased payments starting in July 2024. These raises are influenced by the cost-of-living adjustment (COLA) and other economic factors. In 2024, a 3.2% COLA increase has already enhanced the stimulus payments under these programs, aiding Americans in covering essential expenses like food, medications, and bills. The four Social Security raises will be distributed to qualifying applicants.

Program Details

• Program Name: 4 Social Security Raises in 2024
• Organization: Social Security Administration
• Applicants: US Residents
• Eligibility Criteria: See below
• Payment Date: Refer to the payment schedule below
• Payment Mode: Checks
• Category: Finance
• Official Website: ssa.gov

Applying for SSA Benefits in 2024

Eligible individuals can apply for the Social Security raises in July 2024 by following these steps:

1. Visit the official SSA website at ssa.gov.
2. Download the application form online.
3. Complete the form with the required information.
4. Attach the specified documents.
5. Submit the completed form.
6. The SSA will review your application and guide you through the next steps.
7. Alternatively, contact the SSA office to apply.

Eligibility for Social Security Benefits in 2024

To qualify for the four Social Security raises in 2024, US residents must meet the following criteria:

• Adults and children with minimal or no income.
• Individual resources should not exceed $2,000, and couples’ combined resources should not exceed $3,000.
• Seniors aged 65 or older.
• Individuals aged 64 or younger who are permanently unable to perform basic tasks.
• People who are blind or disabled.

Payment Schedule for Social Security Raises 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 eligible before 1997	1 July 2024
SSDI eligible before 1997	3 July 2024

Details of the Four Social Security Raises in 2024

1. Cost-of-Living Adjustment (COLA) Increase
   • Social Security benefits include an annual COLA to help recipients maintain purchasing power amid rising living costs due to inflation. In 2024, a 3.2% increase was implemented. However, preliminary data suggests a lower COLA for 2025.
2. Increase in Earnings Limit
   • Beneficiaries can work and earn money while receiving benefits. However, earning above a certain limit before reaching full retirement age (FRA) can result in benefits being withheld.
3. Work Credit Requirements Adjustment
   • To qualify for Social Security upon retirement, individuals can earn up to four work credits annually. The value of a work credit may vary over time.
4. Increase in the Salary Cap
   • Social Security is primarily funded through payroll taxes. The taxable income amount, determined by an annual wage cap, finances the program.

Facts Check: 4 Social Security Raises in 2024

• Claim: Social Security benefits will increase in 2024.
• Fact: True. The SSA will raise benefits starting in July 2024.
• Reason: The raise is based on national COLA adjustments and other economic factors.

FAQs on 4 Social Security Raises in 2024