Over the past few weeks, people received information that there will be a 30% Social Security Increase in 2024, causing anxiety to elderly and disabled people on whether they will be receiving higher benefits.
However, getting information from credible sources, the above news is fake. Thus, the U.S. federal government and Social Security Administration (SSA) have not affirmed the 30% increase as was suspected.
However, the real increase is a 3.2% COLA as an increase in the cost of living. What to expect for 2024, am I eligible for Social Security benefits, and how do I get benefits will all be explained in this article.
30% Social Security Boost
It should also be noted that depending on inflation rates, the payments made through the program change annually as well. The 3.2% COLA for 2024 is expected to cater for social factors such as the inflation of prices of foods, rents, and medical bills, among others. This bump could help but it is not as potent as the fabled 30%.
The recipients will have this increase from January 2024, whereby they will affect payments such as SSI, SSDI, and veterans’ benefits.
Why 3.2%, Not 30%?
3.2% adjustment is inflation-linked. SS payments come with an ever-changing aspect to cater for the rate of inflation through COLA meant to meet the rates of the ever-rising cost.
When you hear of a 30% increase, the above is considered, but it has not been enacted and is unrealistic. Instead, the 3.2% increase is in an attempt to cater for everyday expenses without having to force the federal budget.
Social Security Payment Overview 2024
Program Details
| Program Name | 30% Social Security Boost 2024 |
|---|---|
| Managed By | Social Security Administration (SSA) |
| Applicable In | U.S. States |
| Eligibility | Elderly or disabled with limited income |
| Payment Date | Based on Birthdate |
| Category | Finance |
| Official Website | www.ssa.gov |
Who Is Eligible for Social Security Payments in 2024?
The requirements for qualification for social security in the year 2024 remain the same as the requirements in the previous year. To qualify, applicants must meet the following criteria:
- Be aged 65 or older, or
- Be blind or have a disabling condition
- Reside in any of the 50 U.S. states
- Have limited income or resources ($2,000 for an individual or $3,000 for couples)
The requirements are set to meet the needs of the vulnerable groups, which are primarily the elderly and the disabled, to be enabled to receive financial assistance.
Also Read: $1000 Monthly for Minors from Social Security: Application Process & Details
How to Apply for Social Security Benefits in 2024
The steps involved in the application for the Social Security benefits benefit and the step-by-step process of applying for the same are as follows:
- Visit the SSA Website: Go to the official website at www.ssa.gov to begin your application.
- Download the Application: Find and download the appropriate form for SSI, SSDI, or Veterans’ benefits.
- Complete the Form: Fill out the application carefully, providing all necessary information.
- Submit Required Documents: These may include your Social Security card, proof of U.S. citizenship, or military records if applicable.
- Submit Your Application: After filling out the form and gathering the required documents, submit the application online or schedule an in-person or phone interview.
To aid its decisions, the SSA also provides the applicants with the opportunity to schedule interviews to explain their stand or give more information. This makes it much easier for individuals to complete their applications.
Social Security Payments for 2024
The table below shows the actual and monthly growth in payment for 2024 in case of 3.2% COLA adjustment:
| Payee | 2023 Annual Amount | 2024 Annual Amount | Monthly Amount |
|---|---|---|---|
| Qualified Individual | $10,970.44 | $11,321.49 | $943 |
| Qualified Couple | $16,453.84 | $16,980.36 | $1,415 |
| Key Person | $5,497.80 | $5,673.73 | $472 |
Also Read: Who Qualifies for 2024 Advance Winter Allowances? Eligibility & Key Details
Documents Required for SSI, SSDI, and VA Benefits
When applying for Social Security benefits, make sure to have the following documents ready:
- Social Security card
- U.S. citizenship certificate
- Military enlistment record (if applicable) These documents ensure a smoother application process and faster approval.
Fact-Checking the 30% Social Security Boost
Claim: Social Security will increase by 30% in 2024.
- Fact Check: False. The SSA has confirmed a 3.2% increase, not 30%.
- Retirees will see a modest rise of around $44 on average starting January 2024.
- No laws or announcements have been made to support a 30% increase.
Contrary to the buzz that Social Security payments will increase by 30% for 2024, this is not true. It is not a bad idea to anticipate a 3.2% addition to meet the effects of inflation, which though little is probable and feasible enough.
In other words, for people who get all excited about the possibility of a 30% Social Security increase—sorry, it just isn’t going to happen in 2024. Instead, the modest 3.2% is meant to assist the beneficiaries in meeting some of their basic needs, like paying for medical bills and schooling fees, among other necessities, without straining the system.
FAQs
Q. What is the 2024 Social Security COLA increase?
A. For the year 2024, the COLA adjustment is 3.2%, starting in January.
Q. Is there a 30% boost in Social Security in 2024?
A. This claim is not true at all.
Q. Who qualifies for Social Security benefits in 2024?
A. It covers individuals who are 65 years old and older, disabled, and those earning a low income.