Are you ready to get more money in 2024? Find out how this affects Social Security

The Social Security Administration (SSA) is making a really big effort to increase Benefits in 2024. Good news for the more than 71 million Americans who are eligible for an increase in their benefits.

However, this will mean spending more money every month from Social security funds. Thanks to the new cost of living adjustment, there will be an extra 3.2% per month.

Regardless of yours Social security payment or an SSI check, you’ll get 3.2% more. The thing is, the number of extra dollars you get can vary. This is because not all beneficiaries collect the same payment amounts.

SOCIAL SECURITY PENSION BENEFITS AND IMPACT OF COLA

The Administration informs Americans that the average pension benefit is about $1,848 in 2023. If it rises 3.2%, it will be $1,907 after the COLA increases in 2024. But what if you don’t qualify for that amount?

Social Security retirement benefits will also grow by 3.2% in 2024
Social Security retirement benefits will also grow by 3.2% in 2024

Some seniors may just get $1,000 from Social security. If this is your case, your new retirement check will be $1,032 in 2024. If the check you were getting was only $500 dollars, it would have become $516.

Imagine your payment is $600, it will be $619 after Social security is growing. For a $700 check, you could receive about $722 in 2024. Those who receive $800 will receive approximately $825.

The new maximum amounts are 4873 dollars if you file at 70 in 2024 or 2710 dollars if you retire at 62. Those who choose to file at full retirement age can get up to 3822 dollars in 2024

IMPACT OF COLA ON SSDI AND SSI IN 2024

SSDI are disability benefits, and the new maximum amount will be $3,822 in 2024. Average SSDI payments will be $1,537, up from $1,489. Beneficiaries can therefore receive about $48 more per month.

This can have a really positive impact on your finances because it means collecting $576 in just one year. SSI beneficiaries will be the first to receive the COLA increase Social security.

However, they will receive fewer dollars because their SSI maximum amounts are lower. For example, a significant other just collects $458 in 2023 or $472 in 2024. So, he’ll just get $14 extra per month. In just one year, they will only receive $168. It will have a positive impact, but it may not be enough.

Social security announced its next payment for December 29. Married couples can receive payments worth up to $1,415 on this date. A person can qualify for checks of up to $943, up from $914 in 2023. Make sure you apply for SSI if you have a low income. Retirees and people on SSDI can also apply for SSI now.

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