144.2% Increase and Social Security, SSDI, SSI Checks 2024- Know Payment Dates & Eligibility

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The cost of living has been increased by 144.2% which makes it difficult to manage daily expenses of retired seniors and the citizens who cannot work for an income due to a disability. Majority of the citizens in their retirement age and those who have a disability rely on the government for providing a financial assistance. The Social Security Administration (SSA) supports all the eligible citizens financially under its many programs. The SSA runs Supplemental Social Income (SSI), Social Security Disability Insurance (SSDI) and Veterans’ Affairs (Benefits). The main goal of SSA through these programs is to make sure no citizens have a financial difficulty due to rising inflation and cost of living. This article will discuss everything above the 144.2 increase and Social Security along with the eligibility criteria and facts check, so that you cannot miss any updates.

144.2% Increase and Social Security, SSDI, SSI Checks

  • Each year, there is an increment in living expenses that leads to the rising difficulties in managing the monthly expenses for most of the citizens in the country. The citizens in their retirement age along with citizens with disability do not have a stable income and they mostly rely on the social security income. The SSA offers a financial assistance to all the eligible citizens in the country on a monthly basis which is directly deposited into the bank accounts of the claimants. Though, SSA annually makes an increment in the social security for the beneficiaries as per the COLA increase, yet the living expenses are much higher to compensate due to high inflation in the country. In last two decades the living expenses has increased up to 144.2% and the social security benefits has increased by 81.6%.
  • That difference leads to a financial burden for majority of the low-income retired seniors and disabled citizens. The living expenses like paying house rents and utility bills, gas, electricity, water bills, Medicare and purchasing the basic household goods are the major expenditures for a household. Due to inflation and rising cost of living, managing these expenses become a financial burden for most of the families since they have low-income or no-income. In such case, the social security becomes the only source of income for the citizens that they are counting on. Although, the social security beneficiaries are receiving an increment in their monthly payments based on the 3.2% COLA increase in 2024.

How to Qualify for SSDI and SSI in June 2024

$1,913 Upcoming Direct Deposits Payments

$300 Direct Stimulus Checks 2024

144.2% Increase and Social Security, SSDI, SSI Checks Overview

Post name 144.2% Increase and Social Security, SSDI, SSI Checks
Country The USA
Department Social Security Administration (SSA)
Category Finance
Applicable for Eligible citizens of the United States
Living expenses increase 144.2%
COLA increase 3.2%
Official website www.ssa.gov

144.2% Increase and Social Security, SSDI, SSI Checks 2024- Know Payment Dates & Eligibility

What is 144.2% Increase?

Each year, as the inflation increases, the cost of living also increases. Living expenses for a basic household include paying house rents and utility bills like electricity bills, gas bills, water bills, cable connection, etc. along with purchasing the required goods. For more than two decades, the living expenses have increased up to 144.2% and in the same period, the social security is increased by 81.6%. Since, the majority of the retired seniors and disabled citizens rely on the social security income, an increase in living expenses each year arises many financial difficulties. Though, the social security payments increase annually as per the COLA increase but for some beneficiaries the monthly income remains below par.

What are Social Security, SSDI, SSI Checks?

  • The citizens in United States pay social security taxes during their employment years before their retirement age to receive social security benefits. These social security checks are provided under the SSI, SSDI and VA programs via SSA to make sure that all the eligible claimants can cover up their expenses. These monthly aids are provided on a monthly basis directly into the bank accounts of the recipients. To receive the income, a person earns work credits during employment years. The minimum credits required to be eligible is 40 (10 years of work).
  • Your social security income depends on various factors like your age, earnings and the time you have filed to receive the benefits. The higher you earn, the higher your social security income will be. The earliest a citizen can start receiving their social security is at 62 but the income will be reduced as compared to those who started their social security at full retirement age (FRA). The SSA increases 8% annually if a person decided to earn after reaching the full retirement age but the income must not exceed the desired limit. When a person reaches 70, the SSA will not add any other incentives in their monthly aid. It is important to know that, you can choose your retirement benefits whenever you want, it all depends on your specific circumstances.

Eligibility Criteria for the Social Security, SSDI, SSI Checks

It is important for all the citizens to make sure they are qualified for all the eligibilities set by the federal government. I have provided the eligibility criteria in the following points:

  • You must be a citizen of one of the states of the Unites States of America.
  • You must be 65 years old or above as per the retirement age set by the U.S. government.
  • You must have a Social Security Number (SSN).
  • Your income must not exceed the threshold income.
  • You must be a permanent citizen of the USA.
  • If you have any disability which do not allow you to work for an income, then you are also eligible.

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