There are circulating a number of unfounded rumors that SSI and SSDI recipients would begin receiving $301 monthly by 2024. In reality, their increase is factored into the inflation and cost-of-living adjustments for which they would receive a 3.2% COLA.
To learn more about what COLA is, who is eligible, and how it impacts SSI and SSDI benefits, check out this link.
$301 Monthly Raise For SSI & SSDI
| Aspect | Information |
|---|---|
| Eligibility | Low-income U.S. citizens aged 65+ or individuals with disabilities |
| Confirmed Increase | 3.2% COLA increase (not $301 flat raise) |
| SSI Payment | $943/month for singles; $1,415/month for couples after COLA adjustments |
| SSDI Maximum Payment | $3,822/month, based on work history |
| Payment Dates | Distributed by birth date, typically on Wednesdays |
| Source | Social Security Administration (SSA) |
Despite there not being a fixed $301 increase, millions of Americans will still get a boost in money to combat inflation due to the 3.2% COLA.
What Is the 2024 COLA Adjustment?
Cost-of-Living Adjustment, or COLA, is the yearly addition to Social Security benefits, supposed to keep up with the inflation rate. The 3.2% COLA will be applied to both Social Security Disability Insurance, SSDI, and Supplemental Security Income, SSI for 2024.
Example Adjustments
- SSI Individual:
- Pays $943 a month currently
- Monthly payment effective today: $973 (3.2% increase)
- SSDI Maximum Benefit:
- Payment effective today: $3,717
- The new amount is $3,822 (3.2% more).
The actual rise will be based on a number of factors including the individual’s income and employment history determined by the recipient’s current benefits.
Who Qualifies for SSI and SSDI?
Supplemental Security Income (SSI)
Those who are blind, disabled or 65 years of age or older qualify for SSI benefits.
Eligibility Criteria:
- Age: It is mostly the 65 years old and above.
- Income: Should be below the limits that are set by the federal.
- Residence: U.S. citizenship or a qualified non-citizen status.
Social Security Disability Insurance (SSDI)
The SSDI provides benefits for those who have earned sufficient labor credits but cannot work due to a qualifying disability.
Eligibility Criteria:
- Work History: Has contributed to Social Security at some point in a previous job.
- Disability: An established illness that stops a person from working at least one year or kills them.
Payment Schedule for 2024
The schedules for the payment of SSI and SSDI vary depending on whether the recipient was born or first received benefits, and are paid monthly.
| Type | Payment Date |
|---|---|
| SSI | First of each month |
| SSDI | Based on birthdate: |
| 1st–10th | Second Wednesday of the month |
| 11th–20th | Third Wednesday of the month |
| 21st–31st | Fourth Wednesday of the month |
In the case where the first of the month falls on a weekend or holiday, SSI may be paid out on the preceding day.
How to Receive the COLA Increase
Automatic Adjustments
The 3.2% COLA adjustment is applied automatically without the recipient of SSI and SSDI doing any effort. Adjustments apply from January 2024 both for direct deposit and checks through the mail.
For New Applicants
There is a necessity to provide documents proving assets and income during 2024 application processes for SSI or SSDI as follows:
- Records of age or infirmity
- Residency documents.
There are only two offices to apply: local SSA offices or the SSA website.
Addressing Misconceptions About the $301 Raise
As of now, false news are being spread about the proposed flat $301 hike monthly, but the 3.2% COLA does offer proportional increases on each number of individual benefits that actually bring in an actual increase per month to most of its recipients depending on their present payment of about $30-$120.
Impact of the 2024 COLA
Beneficiaries require the 2024 COLA to help them cope with increased living expenses resulting from inflation. With increasing costs of shelter, food, and medical care, the COLA adjustment ensures that Social Security benefits maintain the same purchasing power.
Practical Tips for Beneficiaries
- Check the SSA website or contact your local office to determine the amount of your last payment.
- To prevent payment delays, make sure your account information is up to date for direct deposit.
- Budget Sensibly: Set aside money for necessary costs in anticipation of the slight rise.
- Be attentive to SSA Announcements: Know the latest changes in added benefits by following the formal updates.
In 2024, there is no $301 increase but millions of Americans will experience a 3.2% COLA. Therefore, the understanding of the eligibility, payment schedules and work behind the adjustment can further help the recipients prepare well for their future needs.
FAQs
Who is eligible for the $301 monthly raise in 2024?
Eligible people must fulfill the Social Security Administration’s (SSA) income and resource thresholds and be receiving SSI or SSDI payments. Eligibility is based on current income levels.
When will the $301 raise start for SSI & SSDI recipients?
In January 2024, the $301 monthly rise will start. The usual monthly payments to Social Security recipients will increase beginning that month.
How is the $301 raise calculated?
The SSI and SSDI recipients will receive a fixed $301 increase to their monthly pay, which will help them keep up with inflation and growing living expenses.
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