In response to economic challenges exacerbated by the COVID-19 pandemic, the government has announced a significant 63.4% raise in Social Security, SSDI, and SSI checks. This increase aims to support seniors and other eligible beneficiaries who have struggled financially during these times.
Payment Impact
For many seniors living on a fixed income, this increase is a welcome relief. The additional funds will be added to previous stimulus payments, benefiting around 72 million people across the country. This raise is particularly crucial for those with dependents or higher living costs, as it helps maintain a reasonable standard of living.
COLA
The Cost of Living Adjustment (COLA) is designed to keep up with inflation. For 2024, the Federal SSI payments will reflect a 3.2% COLA increase, determined by the rise in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The CPI-W in September 2023 was 302.257, which guided the COLA decision.
Although the 2024 COLA is lower than the 8.7% increase in 2023, it still offers meaningful support. This annual adjustment helps beneficiaries manage expenses, including medical bills and caregiving costs, ensuring their purchasing power remains stable despite inflation.
Eligibility Criteria
To benefit from the 63.4% raise, individuals must meet certain eligibility requirements:
- Be 65 years or older.
- Be permanent residents of the country.
- Include disabled individuals, survivors, or young children.
- Immigrants must provide proof of residency for over 20 years.
- Have paid Social Security taxes during their employment.
- Earn a low income to qualify for SSI payments.
Payments will now be issued via debit cards, improving security and convenience. The second batch of debit cards is scheduled for February 2024. Beneficiaries can check their payment schedules on the SSA or IRS portals.
Application Process
Eligible citizens must complete an application process to receive their benefits. The IRS, SSA, and DWP will review taxes and tax returns to verify eligibility. Applications are available on the main portals, and once submitted, authorities will take approximately 21 days to process and disburse funds.
New Payment Increase
Rumors have circulated regarding potential delays in the new payments, but the government confirms that the 63.4% increase will be processed via debit cards. This method enhances security, preventing theft and fraud. Beneficiaries can claim their new payment amounts through the IRS website by clicking the “Get My Payment” link, which provides all necessary details.
The raise in Social Security, SSDI, and SSI checks marks a significant step in aiding those financially impacted by the pandemic. With this substantial increase, beneficiaries can better manage their expenses and maintain a stable quality of life.
FAQs
Who is eligible for the 63.4% raise?
Citizens 65+, permanent residents, disabled, survivors, young children.
When will the new payments be issued?
The second batch of debit cards will be sent in February 2024.
How is the payment increase delivered?
Payments are processed via debit cards for security and convenience.
What is COLA for 2024?
The COLA for 2024 is a 3.2% increase based on CPI-W.
How to check the new payment amount?
Visit the IRS website and use the “Get My Payment” link.
