The government has announced a significant 63.4% increase in Social Security, SSDI, and SSI checks. This raise aims to help seniors and low-income individuals better cope with the rising cost of living. This article will break down what this increase means, who is eligible, and how to access the benefits.
What is the 63.4% Raise in Social Security, SSDI, and SSI Checks?
Since the COVID-19 pandemic, many seniors have faced financial difficulties, including delayed paychecks. To address this, the government is providing a 63.4% increase in Social Security, SSDI, and SSI checks. This increase will impact around 72 million people in the country, offering significant financial relief to those who need it most.
Cost of Living Adjustment (COLA)
The cost of living adjustment (COLA) is a measure the government uses to keep up with inflation. This year, the COLA is set at 3.2%, based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from September 2023. While this is lower than last year’s 8.7%, it still provides essential support to help seniors and low-income individuals manage their expenses.
Who is Eligible?
To benefit from the 63.4% raise in Social Security, SSDI, and SSI checks, you must meet specific criteria:
- Be 65 years or older.
- Be a permanent resident of the country.
- Be a disabled individual, survivor, or young child.
- Immigrants must have residency proof for over 20 years.
- Have paid Social Security taxes during employment.
- Have a low income to qualify for SSI payments.
Payment Method
The government is moving away from traditional paychecks and will distribute the increased payments via debit cards. This change will start in February 2024 and aims to make transactions safer and more convenient. Citizens can check their payment schedules on the SSA or IRS main portals.
How to Claim Your Increased Payment
To claim the new Social Security payment increase, follow these steps:
- Visit the official website of the Internal Revenue Service (IRS).
- Click on the “Get My Payment” link.
- Fill out the required form with accurate details.
- Wait for the authorities to verify your application, which can take around 21 days or more.
The 63.4% increase in Social Security, SSDI, and SSI checks is a significant boost for seniors and low-income individuals. This increase will help millions of Americans better manage their living expenses amid rising costs. The new payment method via debit cards will also ensure safer and more efficient transactions. If you meet the eligibility criteria, make sure to file your application on time to benefit from this increase.
What is the 63.4% raise in Social Security, SSDI, and SSI checks?
It’s an increase provided by the government to help seniors and low-income individuals manage living expenses better.
What is COLA?
COLA stands for Cost of Living Adjustment, a measure used to keep up with inflation.
Who is eligible for the increase?
Seniors 65 or older, permanent residents, disabled individuals, survivors, young children, and low-income earners.
How will the payments be made?
Payments will be distributed via debit cards starting in February 2024.
How can I claim the increased payment?
Visit the IRS website, click on “Get My Payment,” fill out the form, and wait for verification.