A significant change is coming for Social Security, SSDI, and SSI benefits, with a 63.4% increase announced to assist citizens facing financial challenges. This adjustment aims to support seniors and other beneficiaries, particularly those hit hard by the COVID-19 pandemic and the resulting economic downturn. Let’s explore what this raise means and who will benefit from it.
63.4% Social Security Raise: Details and Impact
Understanding the Raise
The 63.4% raise in Social Security, SSDI, and SSI checks is being introduced to help those struggling financially. This increase is a response to the delays and difficulties caused by the COVID-19 pandemic, providing much-needed relief to many recipients.
Who Will Benefit?
This substantial increase will affect around 72 million people across the United States. For seniors and disabled individuals who depend on a fixed income, this raise will be a crucial financial boost, helping them manage the rising cost of living and other essential expenses.
Cost of Living Adjustment (COLA)
What is COLA?
The Cost of Living Adjustment (COLA) is an annual change made to Social Security benefits to keep pace with inflation. It ensures that the benefits’ purchasing power remains stable despite rising prices. COLA is determined based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
Recent Changes in COLA
For 2024, the COLA has been set at 3.2%, a decrease from the 8.7% increase last year. While this adjustment is lower, it still helps beneficiaries cope with inflation and manage their expenses effectively.
How is COLA Calculated?
The 2024 COLA is based on the CPI-W of 302.257 as of September 2023. This adjustment reflects the government’s efforts to provide meaningful financial support amidst changing economic conditions.
Eligibility Criteria for the Raise
Who Can Receive the 63.4% Increase?
To qualify for the 63.4% raise, individuals must meet specific criteria:
- Age: Generally, beneficiaries are 65 years or older.
- Residency: Must be permanent residents of the United States.
- Disability Status: Includes disabled individuals, survivors, and young children.
- Immigration Status: Immigrants need to show proof of residency for over 20 years.
- Tax Contributions: Applicants must have paid Social Security taxes during their working years.
- Income Level: Low-income earners are eligible for SSI payments.
How to Apply
Eligible individuals can apply through the SSA or IRS portals. The application process involves completing a form with the required details, which will be verified within approximately 21 days.
Payment Methods and Schedule
Transition to Debit Cards
To ensure secure and efficient distribution of benefits, the SSA will start issuing payments via debit cards. This transition will help reduce the risk of theft and fraud, making transactions safer for beneficiaries.
Payment Schedule
Benefits will be distributed according to a birthday-based schedule:
| Month | Birthdays 1-10 | Birthdays 11-20 | Birthdays 21-31 |
|---|---|---|---|
| January | 10th | 17th | 24th |
| February | 14th | 21st | 28th |
| March | 12th | 19th | 26th |
| April | 9th | 16th | 23rd |
If a payment date falls on a holiday, the deposit will be made on the next working day.
Second Batch of Debit Cards
The second batch of debit cards is expected to be issued in February 2024. Beneficiaries should check the SSA or IRS websites for the schedule and status of their payments.
Fact-Checking the 63.4% Raise
Reality Check
Despite many rumors about the 63.4% raise, the SSA has confirmed that the increase will proceed as long as eligibility criteria are met. Official channels will provide updates and ensure transparency.
Security Measures
The switch to debit cards aims to enhance the safety of funds. Beneficiaries can track their payments through the “Get My Payment” link on the IRS website for up-to-date information.
The 63.4% increase in Social Security, SSDI, and SSI checks is a major step towards improving financial stability for seniors, disabled individuals, and low-income earners. This raise, along with the transition to debit cards, aims to make benefit access more secure and efficient. Beneficiaries should stay informed through official sources to ensure they receive their entitled benefits promptly.
1. What is the 63.4% raise for Social Security, SSDI, and SSI?
It’s an increase in benefits to help those facing financial difficulties, especially due to the COVID-19 pandemic.
2. How many people will benefit from this raise?
Approximately 72 million people across the U.S. will benefit from this increase.
3. What is COLA?
COLA stands for Cost of Living Adjustment. It’s an annual change to benefits to keep up with inflation.
4. How is the COLA for 2024 determined?
The COLA is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
5. How can beneficiaries apply for the new benefits?
Eligible individuals can apply through the SSA or IRS websites by completing the necessary forms.