In a significant development, Social Security, SSDI (Social Security Disability Insurance), and SSI (Supplemental Security Income) beneficiaries are set to receive a substantial boost in 2024. The latest news says that there will be 63.4% Raise in Social Security, SSDI and SSI Checks, providing much-needed relief to millions of recipients.
This raise aims to address the rising cost-of-living and enhance the overall well-being of those relying on these checks. The article will delve into the details of this expected welcome change and more information about this change.
63.4% Increase in Social Security, SSDI and SSI Checks
Let’s understand what is this 63.4% Raise in Social Security, SSDI and SSI Checks? It is the maximum percentage of benefit one will receive through the combination of SSA, SSI and SSDI benefits. A new bill has been proposed in the Senate for this issue as well.
Let’s break down how the figure 63.4% Raise in Social Security, SSDI and SSI Checks has been roughly calculated for the upcoming bill:
- COLA increase: Social Security Payment 2024 have increased by 3.2% with the COLA Increase 2024. The new, escalating costs are due in January 2024.This adjustment aims to keep up with rising living costs and provide beneficiaries with a more valuable amount.
- How It Works: The COLA is based on changes in the Consumer Price Index (CPI).It ensures that Social Security benefits are adjusted for inflation and other changes in the economy. In the new bill, the increase is rounded to the closest tenth of one percent.
- The Gap: Despite this increase, benefits are still roughly 63.4% lower than they should be to match the real rise in the cost of living.
- Proposal: Some propose using the Consumer Price Index for the Elderly (CPI-E) instead of the current method (CPI-W) to calculate COLAs. However, economists think that even the CPI-E may not fully bridge the gap between benefit adjustments and actual living expenses.
$3,000 Senior Assistance Program 2024
Overall, on paperwork people saw a substantial increase in the social security benefits due to increase in COLA, but the reality speaks differently. The bill is still in the development stage and should be discussed so that right people may receive the best benefits.
Overview of 63.4% Raise in Social Security, SSDI and SSI Checks
| Name | 63.4% Raise in Social Security, SSDI and SSI Checks |
| Country of Origin | USA |
| Regulating body / Department | SSA |
| Year | 2024 |
| Category | Government Aid |
| Objective | Stimulate the rising economy |
| Applicable persons | Senior people, eligible individuals, married working couples and dependents |
| Age Limit | 18 – 70 years |
| Expected percentage increase in amounts | 63.4% |
| Expected month of payment | March, 2024 |
| Payment Mode | Online – Direct Deposit
Offline – Deposit checks |
| Website | https://www.ssa.gov/ |
Eligibility for getting 63.4% Raise in Social Security, SSDI and SSI Checks
The main factors for getting 63.4% Raise in Social Security, SSDI and SSI Checks are:
- Retirement age: It is typically 62 years, but one can delay it till the age of 70.
- Nationality: The person should be permanent and legal resident of the country with valid identification proofs.
- Maximum taxable earnings: The maximum taxable earnings limit is $168,600 in 2024.
- Annual Income: Person’s Adjusted Gross Income (AGI) on tax returns should not exceed above:
- $150,000 –For married and filing a joint return (couples) or filing as a qualifying widow or widower (without dependent).
- $112,500 –Person filing as the sole head of house.
- $75,000 –Applicable for eligible individuals like single filers and married people filing separate returns.
- Working Years: Person should have worked at least for 35 years till the maximum retirement age, i.e., 70 years and earned at least the insured limit and salary capital amount in 35 years of work.
- Taxpayers: Person should have paid taxes to Social Security in those 35 years.
- Individual: Tax on benefits upto 50% between $25000 to $34000. Tax on benefits can be upto 85% for over $34000.
- Joint: Tax on benefits upto 50% between $32000 to $44000. Tax on benefits can be upto 85% for over $44000.
- AIME: Average indexed monthly earnings should be $9,990 for the person in 2024.
- Disability proof: If a person is disabled, then he should have valid proof of disability from the authorized hospital or doctor.
How to apply for Increase in Social Security, SSDI and SSI Checks ?
One can apply online through the official SSA website or can call on the toll-free number 1-800-772-1213. If required, then the individual may also visit the local Social Security office with the required documents:
- Your Social Security number.
- Your Proof of age or age-related document.
- A statement or document to prove your Citizenship status.
- Proof of income (payroll) to make sure you fall in low-income category.
- Proof of resources (bank statements)
- Proof of living arrangements (lease papers)
- Medical sources (medication lists and doctor’s contact information).
- Medical records for disability proof.
- Work history to prove your working duration.
- Doctor’s contact information to check your provided document on health.
To check the status, please visit the official website of IRS and login to the created account (through ID.me) to check the status.
Fact checks on 63.4% Increase in Social Security, SSDI and SSI Checks in 2024
The recent news of 63.4% Raise in Social Security, SSDI and SSI Checks has been doing rounds for some time. The media channels and youtubers are also promoting this news extensively. However, it should be noted that this is just the proposal in the form of a new bill. Which states to replace CPI-W with CPI-E to re-calculate COLA so that the right amount is transferred to the beneficiaries after the increase. The bill has been discussed in the Senate and is soon to be introduced by the Congress in the parliamentary works.
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