Each year, the federal government adjusts social security payments to match inflation rates. In January 2024, the cost of living adjustment (COLA) rose by 3.2%. Consequently, the Social Security Administration (SSA) will provide supplemental income of $943 monthly to individuals and $1,415 to couples.
These fixed amounts will support disabled, retired, and low-income citizens. Funds will be released in June, and payments are tax-free. Here’s what you need to know about the 2024 Social Security benefits.
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Amounts
The payments are distributed based on beneficiary status:
Beneficiary Type
Annual Payment 2024
Monthly Payment 2024
Individual
$11,321.49
$943
Couple
$16,980.84
$1,415
Eligible Essential People
$5,673.73
$472
How to Apply
To apply for the 2024 Social Security benefits, visit the official SSA portal and create an account using your Social Security Number (SSN). Ensure you have all necessary documentation, such as proof of age, income statements, and medical records if applying for disability benefits.
The federal government’s objective is to reduce poverty and provide financial security to its citizens. This year’s 3.2% COLA increase reflects the government’s commitment to keeping pace with inflation and supporting vulnerable populations.
FAQs
Who qualifies for the $1,415 and $943 benefits?
Retired, disabled, blind, and low-income citizens are eligible.
How can I apply for the benefits?
Apply online by creating an account on the SSA portal with a valid SSN.
When will the funds be released?
Funds will be released in June 2024.
Are the benefits taxable?
No, the benefits are tax-free.
How can I track my payment?
Track your payment by logging into your SSA account on www.ssa.gov.
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