Benefit increases for Social Security, SSDI, SSI, and the VA are set to increase by 63.4% in 2024, according to the Social Security Administration (SSA).
This significant increase is a reaction to the financial challenges that many low-income people, seniors, and people with disabilities have suffered since the COVID-19 outbreak.
Increase of 63.4% in Social Security, SSDI, and SSI Benefits
The goal of this large 63.4% increase in Social Security income is to assist 72 million Americans in keeping up with growing living expenses. A large number of persons who are disabled or elderly rely on fixed salaries that have not increased in line with inflation.
This rise can be life-changing for those who are already having difficulty making ends meet because it supplements the stimulus payments that were previously given and enhances the standard of living for low-income and retired people.
But in 2024, the COLA is 3.2%, which is marginally less than the 8.7% adjustment from the previous year. Comparing this year to last, the inflation rate was mild, as evidenced by the reduced increase.
Even if the COLA for 2024 seems lower, the benefits taken together—including the 63.4% raise—are intended to provide a greater degree of financial comfort.
| Year | COLA (%) |
| 2023 | 8.70% |
| 2024 | 3.20% |
Who May Receive the 63.4% Increase?
A number of societal groups are intended to gain from the 63.4% increase in Social Security, SSDI, and SSI benefits. You must fulfill the following requirements in order to be qualified:
- Those 65 years of age or older who are seniors.
- United States citizens for life.
- Children, survivors, or disabled people receiving SSI or SSDI benefits.
- Immigrants who can provide proof of residency and have been in the country for more than 20 years.
- People who have made Social Security tax payments while they have worked.
- Low-income people qualifying for Supplemental Security Income (SSI).
New Approaches for Social Security Payment
In 2024, the government will start paying Social Security benefits via debit cards instead of paper checks. This lowers the possibility of theft or fraud while guaranteeing beneficiaries have simple access to their money.
It is planned for the second batch of debit cards to be distributed in February 2024. By registering on the IRS or SSA portals, beneficiaries can view the payment schedule.
| 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 |
In addition, those who anticipate receiving money can check their payment status by visiting the IRS website and use the “Get My Payment” option.
Read Also: The $185,000 Stimulus Check: What Homeowners Should Watch Out For
The 63.4% Raise Application Process
Visit the SSA or IRS websites to apply online if you meet the requirements for the 63.4% hike but have not yet received your payment. Observe these procedures:
- Open the SSA site and log in to your account, or register for a new account if you don’t already have one.
- Select “Get My Payment” under the “Benefits” section.
- Give your personal and banking information on the required application form.
- When the verification procedure is complete, which usually takes at least 21 days, submit the form.
Read Also: October 2024: $2710 Direct Payment for 62-Year-Olds, Are You Eligible?
Social Security Increase of 63.4%
About the 63.4% increase in Social Security benefits, there have been numerous rumors. Notwithstanding the significant rise, the SSA and other government agencies, such as the IRS, have formally confirmed it.
All eligible beneficiaries will receive their payments, even if there is a short delay in payment.
Furthermore, the increase is contingent upon reaching full retirement age (FRA), which means that seniors—especially those who have postponed retirement—will get maximum benefits when reaching FRA. People who use this approach are able to save more money and keep their finances stable.
For a lot of Americans who are struggling financially, the 63.4% increase in Social Security, SSDI, SSI, and VA payments is a comfort.
This large payment increase will help seniors, disabled people, and low-income earners maintain a higher quality of life in light of the growing cost of living and inflationary pressures.
To ensure they receive their cash on time, eligible persons should make sure to update their information with the SSA and keep an eye on the payment dates.
