Who Qualifies for the $440 Monthly Increase in 2024? Payment Dates & Details

From 2024, the United States government aims at increasing the Social Security benefits with a fixed monthly increase of $440 for every beneficiary.

This raise is to help millions of Americans, including seniors who depend on Social Security, Social Security Disability Insurance or Supplemental Security Income, to pay their living expenses given that the costs are rising.

Who Can Claim the $440 Monthly Increase?

However, before you can qualify for the $440 monthly raise in Social Security benefits, there’s something you need to do. Here’s a breakdown of the eligibility requirements:

1. Age Requirement:

• To be eligible for Social Security retirement benefits, you have to be 62 years of age and older. Nonetheless, if a person chooses to apply  at the age of 70, he or she will be approved a greater monthly amount.

2. Disability and Blindness:

• Recipients of SSI/SSDI benefits that are either disabled or blind shall be beneficiaries of this adjustment. Disability, as determined by the SSA, is a condition whereby an individual is unable to work by performing any kind of gainful activity for making a living because of a medical impairment.

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3. Income and Resources:

• You must meet certain criteria. This included being of low income and having limited financial resources. The resource limit of each individual is $2,000, whereas for the couple it is $3,000. This can also comprise cash, bank balances, trading in stocks and bonds, among others.

4. Residency:

• According to the Social Security requirements, you should be a resident in the U. S. or a qualified non-citizen to be eligible for the benefits.

5. Earnings Record:

• Your benefit amount is calculated based on your highest 35 years of earnings. The Social Security Administration (SSA) uses your Average Indexed Monthly Earnings (AIME) to determine your benefit amount.

If you require further help in the completion of the application form or if you are hearing impaired, you can contact the SSA at tel. 1-800-772-1213.

Payment Dates for the $440 Monthly Increase

Rising from $145 to $440, the adjustment will take effect on the Social Security benefit payments, especially in 2024. Here’s how the new rates compare to previous benefits:

Benefit Type	2023 Rate	2024 Rate	Increase
Average Benefits	$1,827	$1,907	$80
Maximum Retirement Benefit	$3,627	$3,822	$195
Maximum Overall Benefit	$4,555	$4,995	$440

Latest News on the $440 Monthly Increase

As of July 2024, SSA plans to enforce the proposed $440 raise in SSDI, SSI, and Social Security benefits.

But the specifics, including the payment dates, have not been disclosed to the public, along with details on how they will be implementing it.

The SSA always increases the benefit rates in order to keep up with inflation, meaning that the beneficiaries are as equally affected as the people with inflation costs. The $440 increase is done under such increments intended to help provide a measure of cost cushion to those significantly dependent on these kinds of payments.

Additional Considerations

• Earnings and Social Security Taxes: It is kept in the SSA and each of your incomes that you earn is accounted for in a year, part of which is liable for the Social Security taxes. These taxes contribute to benefits in the future ; lifetime earnings benefit from taxation and most often, higher taxed earnings yield higher benefits but within a certain limit.
• Claiming Age: The point at which people take social security benefits affects the amount they will receive. Always, if you choose to delay your benefits until age 70, your monthly payout will be higher.

The $440 increase adjustment of the Social Security benefits for 2024 is quite beneficial and will support millions of Americans, especially those receiving SSI and SSDI, to pay their living expenses.

Such a measure is to fight for the increase in inflation and to create the necessary conditions for people in need. There is a need for the eligible recipients to wait for any further communication from the SSA concerning the schedule for payments as well as other matters.

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