$5200 New Social Security Bill 2024 – Payment Increase Eligibility Requirements!

Now that the calendar has flipped to 2024, beneficiaries who depend on Social Security Administration monthly checks will get a 3.2% benefit boost. Checks for improved benefits are first awarded to recipients of Supplemental Security Income, or SSI.

$5200 New Social Security Bill 2024

The federal government’s Social Security Administration oversees some initiatives and programs for the welfare of residents; more than 70 million individuals, including seniors and children, get monthly compensation from the old-age and disability program. 

Millions of Americans are said to have benefited from these benefits, which are monthly payments that are modified annually to account for inflation and prevent millions from falling into poverty as in 2024, benefits will increase by 3.2%. 

The COLA has increased by 3.2% this year, which is greater than typical even if it is less than the previous year’s 3.5% rise, which was the average during the 1990s. Payments will increase for retirees, people with disabilities, their spouses, and their children who are receiving Social Security Income (SSI). 

For individuals receiving Social Security retirement benefits and disability income, this rise takes effect in January 2024. For those receiving SSI, it starts from December 29, 2023.

Social Security Payment Increase 2024 Payments 

COLA aims to prevent inflation by reducing Social Security and SSI benefits buying power. The Consumer Price Index (CPI-W) calculates cost of living, and COLA contributes to inflation savings. Without a rise in CPI-W, a 3.2% increase in January 2024 is announced.

$5200 New Social Security Bill

  • The average monthly SSDI payout for disabled workers will rise by $48 in 2024, from $1,489 in 2023 to $1,537 in 2024. 
  • The average payment for a disabled worker, their spouse, and one or two children is projected to reach $2,720 in 2024, an increase from $2,636). 
  • The average monthly retirement benefit will increase by $59, from $1,848 to $1,907. 
  • The increase in monthly benefits for retirees will depend on whether or not Medicare insures the recipient and whether or not a monthly fee for Medicare Part B is taken from their benefit.
  • All disabled workers will see a rise of $1,537.00, previously $1,489.00.
  • SSI beneficiaries will also see increases in their payments; the average monthly payment for a person will rise to $943 (from $914) and the average monthly payment for a couple will climb to $1,415 (from $1,371).
  • In 2024, employees who reach full retirement age will get a higher retirement payout. Retirement income was set at a maximum of $3,627 per month in 2023. This amount will rise to $3,822 per month in 2024, and $4,873 per month in 2087 for people who wait until they are 70 to start receiving Social Security retirement payments.
  • According to the SSA, average payments for widowed women with two children will rise from $3,540 in 2023 to $3,653 in 2024. 
  • The average monthly compensation for elderly widows and widowers living alone will increase from $1,718 to $1,773.
  • The average monthly payment for a handicapped worker who has a spouse and one or more children would rise from $2,636 to $2,720.

Social Security Increased Eligibility Requirements 2024

The rise in the maximum wages due to the Social Security payroll tax from $160,200 in 2023 to $168,600 in 2024 would mostly affect individuals earning high incomes. 6.2% of the 7.65% FICA tax that employees pay from their paychecks goes into Social Security.

According to CNBC, which cited statistics from the Social Security Administration, around 6% of workers who pay Social Security taxes have annual incomes that are higher than the taxable threshold. You can check more income requirements here:

  • Social Security retirement benefits applicants may face an earnings test in 2024, increasing  $22,320 from $21,240 in 2023. Benefits withholding increases to $1 for every $2 earnings beyond that ceiling, ending after full retirement age.
  • The taxable maximum, or the highest amount of earnings subject to Social Security tax, is set to rise to $168,600.
  • For employees under the “full” retirement age, the upper earnings cap will rise to $22,320. (We take away $1 from benefits for every $2 beyond $22,320 earned, according to officials).
  • When a person reaches “full” retirement age in 2024, the upper earnings ceiling will rise to $59,520. The worker’s benefits are reduced by $1 for every $3 earned beyond $59,520 until they reach “full” retirement age.
  • For the whole year, employees who are “full” retirement age or older, there is no cap on their pay.

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