$1489 Or $1848 Stimulus Checks 2024 : Who is Eligible For IRS Approved $1489 Or $1848 Stimulus Checks ? Know Payment Date

With the setback of the economic challenges faced by people of United States during COVID-19, the government had initially issued stimulus checks. As we progress to the start of the new year 2024, a new report indicates that the eligible retirees of United States can expect an increase in the approved $1489 Or $1848 Stimulus Checks 2024 payments. $1489 Or $1848 Stimulus Checks 2024 with Eligibility For IRS Approved Stimulus Checks for Retirees through this article.

Every month the federal government provides the IRS retirees Stimulus checks. The $1489 or $1848 Stimulus Checks are Social Security Benefit payment checks for the year 2023. This article explores the idea of $1489 and $1848 stimulus checks, eligibility criteria and expected benefits which each eligible retiree would receive.

$1489 Or $1848 Stimulus Checks 2024

Stimulus checks are direct payments from the federal government to eligible people, meant to stabilize the economy after a slowdown due to COVID-19 by issuing them stimulus checks to stay afloat in the growing inflation. As many people lost jobs and old age people were unable to cope up with rising convenience and medical costs, it further led to decline in customer purchasing. To ease the burden, the government issued stimulus checks to reduce the strain.

$2000 Stimulus Check Status

Stimulus Checks in 2024

$440 Monthly Increase in Social Security

IRS $1400 Seniors Check Approval

The $1489 Or $1848 Stimulus Checks were a part of the previous stimulus checks. The latest report obtained from the official website of Social Security Administration (SSA) states that the $1489 or $1848 stimulus checks are part of Social Security benefit payments for 2023, not for stimulus payments.

$1489 Or $1848 Stimulus Checks 2024 -know Your Eligibility For IRS Approved Stimulus Checks for Retirees

 $1489 Or $1848 Stimulus Checks : An Overview

Country of Origin The United States of America
Regulating body Social Security Administration (SSA)
Beneficiary Retiree
Age Limit 65 and above
Category Government assistance
Objective Improve the economy
Initial Payment Amount $1489 – Disabled worker

$1848 – All retirees

Increase in adjustments (COLA) 3.2%
Increased Payment Amount $1,537 – Disabled worker

$1,907 – All retirees

Expected Payment Month January 2024
Payment Mode Direct Deposit
Official Website https://www.ssa.gov/

The $1489 Or $1848 Stimulus Checks benefits are primarily for people who are of age 65 years and above, retired, or unable to work due to disability. As stated earlier, they are not stimulus checks but rather part of Social Security benefit payments for 2023 which would further increase in 2024 due to increase in Cost-of-Living Adjustments (COLA).

Eligibility Criteria For $1489 Or $1848 Stimulus Checks Payment

  • Person should be a U.S. citizen.
  • Person is independent taxpayer.
  • Person should have valid Social Security number issued before the due date of the tax return that is valid for employment in the U.S.
  • To receive $1489 – person should be a retired one with valid certificates or of age 65 and above.
  • To receive $1848 – person should have the valid certificate of Disability by local state government or through SSA.
  • Senior citizens who didn’t receive benefits before May 1997.

Latest Updates on $1489 Or $1848 Stimulus Checks 2024

As far as the latest information is concerned, IRS has not approved any stimulus checks for retirees. The only benefit that the retirees will get is from Social Security Benefits if eligibility criteria are met.

Although the benefits come from Social Security policies, they were applicable in 2023 fiscal year. The benefit amounts will further change in 2024. These increments are based on the increase of 3.2 % in cost-of-living adjustments (COLA) for 2024.

Factors affecting Social Security Benefits on $1489 Or $1848 Stimulus Checks

  1. Average Indexed Monthly Earnings (AIME): Calculated based on your average monthly income over 35 highest-earning years.
  2. Years in Workforce: The longer years of service, the higher benefits.
  3. Claiming Age of Retirement: Delaying until age 70 can result in larger checks, while claiming benefits before full retirement can result in smaller ones.
  4. Lifetime Earnings: More lifetime earnings, so more benefits.
  5. Cost-of-Living Adjustments (COLAs): COLAs are annual adjustments to reflect changes as per cost price index.

Expected increments from 2024

Different beneficiary categories will benefit by increment in Social Security benefits resulting from the 3.2% COLA in 2024.

Beneficiary Category Before 3.2% COLA (2023) After 3.2% COLA (2024)
Retired Worker $1,848 $1,907
Married Couples (Both Benefiting) $2,939 $3,033
Disabled Worker $1,489 $1,537
Older Spouse $1718 $1773
Widowed Parent and Two Qualifying Children $3540 $3653
Maximum Family Benefit under SSI, Individual $914 $943

 

Increase in Tax after COLA Increase on $1489 Or $1848 Stimulus Checks

In 2023, the employee tax rate was 7.65% and for self-employed individuals, the tax rate was 15.30%. It is expected to remain the same in 2024. You Can Check the   fact sheet from SSA to get more information.

Will $1,489 or $1,848 stimulus checks arrive in 2024 ?

These are Social Security benefits and are based on a person’s insurance status and tax contributions. They will arrive in incremented amount in 2024 due to increase in COLA. The Social Security Administration (SSA) will notify retirees of their new payment amount starting January 2024. Retirement benefits would depend on the age of retirement, with potential for more through delayed retirement credits. However, delaying beyond 70 years won’t result in further increments in retirement monthly benefits. For More Regular Updates on $1489 Or $1848 Stimulus Checks 2024 You Can Regularly Visit Our Website Home Page Here.

Leave a Comment