For many Americans, the cost of food and other daily necessities have increased over time due to rising inflation. The most affected parties are the old age people or the retirees as rising costs with fixed social security income will further lead to instability of living costs. But recently, with the rise in Cost-of-Living Adjustment (COLA) by 3.2% in 2024.
The Social Security (SSA) has announced increase in the security payments which would have a substantial effect on future SSI SSDI VA 2024 payments to retirees. In this blog post, we will discuss who is eligible for $2400 Cola Checks Deposit Date and how to track it. We hope that this information will be helpful to seniors on SSI SSDI VA who are looking to stay informed about their benefits.
$2400 Cola Checks
The $2400 COLA checks are the adjustments in the cost-of-living conditions for the American citizens to counter the inflation. It was introduced in 1972 by then Congress and enacted in 1975 with an objective to make sure that the SSI benefits are not getting affected due to future inflation.
It’s calculated through percentage increase in the average Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) and takes data from last year’s third quarter (July, August, September) to current year’s third quarter. As COLA increased by 3.2% in 2024, so the data was taken from third quarter CPI-W in 2022 to third quarter CPI-W in 2023. It will lead to increase in social security checks roughly by $50 per month for more than 71 million Americans and would also enhance the increment of money in the form of SSI, SSDI and VA to the eligible people. So, this increase would enhance the shift from $150 per month to $200 per month.
Overview of $2400 Cola Checks
| Name | $2400 COLA checks |
| Country of Origin | USA |
| Regulating authority / Department | SSA |
| Year | 2024 |
| Category | Government Aid |
| Objective | Counter inflation without affecting benefits |
| Applicable persons | Old age, retirees, disabled, war veterans |
| Age Limit | 62+ years |
| Amount | $2400 |
| Expected Date of Payment | 24thJanuary 2024 or 13th February, 2024 |
Eligibility criteria for $2400 Cola Checks
All the receivers of social security benefits are eligible for benefits from the increase in COLA. It is automatically applied to existing social security benefits. One should though check the whole eligibility criteria for applicable social security benefits.
Other basic criteria include:
- Resident of USA
- Age limit – minimum of 62 years.
- Jobs are covered under Social Security.
- Medical conditions that are defined under Social Security.
- Should have substantial survivor benefit credits through spouse (living or dead).
- If getting VA, then proof of listing in US Army.
How $2400 Cola checks percentage are determined?
COLA is dependent on two components: the CPI-W and the employer-contracted COLA percentage. CPI-W determines the rate of inflation and is calculated yearly by taking the difference in the average of CPI-W for third quarter of current year to CPI-W for third quarter of previous year. When consumer prices drop—or if inflation has not been high enough to generate an increase in COLA, then the recipients do not receive an increment in COLA.
So, by taking COLA increase of 2024, if someone got a total of $20000 as social benefits in 2023, then they will get the total amount of $20640 as social benefits in 2024. With monthly increase in $50, through VA, SSI and SSDI, one can expect the total COLA to be around $2400.
Are people getting $2400 Cola Checks in 2024?
The increment of 3.2% in COLA has been confirmed by SSA through official website, so the social security beneficiaries (including old age, war veterans and disabled) can expect to receive the extra $2400 cola checks in 2024. But the maximum taxable income for social security will also increase from $160,200 to $168,600.
How does $2400 COLA checks in 2024 affect Social Security Benefits for Seniors?
Social security benefits are applied who have regularly contributed to the Social Security program from their salary and need a certain amount of income after retirement.
When cost of living increases through various factors, then there becomes a need to adjust social benefits for the eligible people. By increasing COLA yearly, the whole equation for overall social benefits changes which results in a marginal increase in social benefits income. It also depends on the contribution of salary through working years, choosing the age of retirement, number of members etc.
Payment mode and dates for$2400 Cola Checks
The payment mode will be same as the regular payment mode for applicable social security benefits. The primary payment mode is through direct deposit. An individual can receive the amount directly into the registered bank account number. The other mode is through deposit checks sent out monthly.
The expected date in January would be 24thJanuary 2024.
How to apply and track status for $2400 Cola Checks?
There is no need to apply separately for COLA checks. The SSA would automatically adjust the COLA benefits in the regular applicable social security benefits like SSI, SSDI and VA checks.
Steps to check the status of COLA checks:
- Visit the Social Security Administration’s official website (www.ssa.gov).
- Sign in through ID.me or LOGIN.GOV or create “my social security” account through valid email address.
- Select the “SSI” option from the “Benefits” menu.
- Scroll down the page to see the “Payment History” option.
- For automated phone assistance, call on +1 800-772-1213.
For Information & Updates on $2400 Cola Checks Deposit Date 2024 , Are You Qualified or not & track Status stay tuned on this blog .
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