Social Security Benefits 2024 Payment Calendar: Good news coming from the Social Security Administration – SSA in the USA. Social security benefits are going to increase this year due to the Cost of living adjustment- COLA. So if you are eligible to receive social security credits Then you should check the latest social security benefits as the government of the USA is increasing it. Due to inflation in markets in the USA, the new year 2024 is coming with rational benefits for social security benefit 2024.
According to the survey, more than 71 Million people in America are receiving the benefits of social security. The Social Security Administration has increased the 3.2% Benefit to the beneficiaries in this month of 2024. After an increment of 3.2% benefits, now beneficiaries can receive approximately $50 extra in social security benefits.
Social Security Benefits Increase 2024 (Raise in COLA)
The authority has increased social security benefits due to the increment in inflation in the USA. It is calculated under cost of living adjustment which is also known as COLA. After the year 2021, the cost of living adjustment is continuously increasing year by year. A 5.9% increment was announced in the year 2022, And in the year 2023, authority increased COLA by 8.7%. There is a large number of increments in social security benefits due to continuously increasing inflation. So it will directly benefit to all American citizens to live peacefully and make them eligible to purchase necessary items for their families.
SS and SSI will get the benefit
If you are receiving Social Security or Supplemental Security Income – SSI Then you will receive increased COLA in the next payment. However, if you are receiving benefits from both schemes then you will get the credit amount of both. If we discuss the latest SSI and SS benefits of SSA then it was last released in November 2023 Where approximately $1711 are provided to social security beneficiaries and $674 are provided to the beneficiaries of supplemental security income beneficiaries. So if you are eligible and have received the latest benefits of SS and SSI then you will receive increased payment in the upcoming month due to an increment of 3.2% in benefits.
Calendar of Social Security Benefits 2024
The calendar of social security benefits is prepared by the Social Security Administration in the USA and the amount of the benefit is provided according to the official calendar of SSA. However, the authority releases benefits of social security amount on Wednesday of each month. But the week is decided according to the birth date. If you have taken birth between 1 to 10 January when you will receive the amount of social security benefit on the second Wednesday which is on 10 January 2024. If you are born between 11 to 20 January then you will receive the amount on the 3rd Wednesday of 17 January, applicants who are born after 21 January will get the amount on the 4th Wednesday of January which is on 24 in 2024. However, SSI beneficiaries had received the amount on 29 December.
About SS and SSI in the USA
In the United States, “SS” typically refers to Social Security, a federal program that provides financial support to retirees, disabled individuals, and survivors of deceased workers based on their work history and contributions to the system through payroll taxes. On the other hand, “SSI” stands for Supplemental Security Income, a needs-based program that offers financial assistance to disabled adults and children, as well as elderly individuals with limited income and resources, without requiring a work history. Both programs are administered by the Social Security Administration and aim to provide economic security for eligible individuals in different circumstances.