There have been numerous rumors circulating about significant changes to Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) in 2024.
After thorough research, it has been confirmed that there will be increases in payments due to rising inflation and possible changes to eligibility rules.
Here’s what you need to know about the updates announced by the Social Security Administration (SSA).
Two Latest SSDI & SSI Changes In 2024
| Program | Two New Social Security Changes 2024 Announced By SSA |
|---|---|
| Administered By | Social Security Administration (SSA) |
| Initiated By | Federal Government |
| Programs Involved | SSI, SSDI |
| Applicable Country | United States of America |
| Available For | Qualified Citizens of the United States of America |
| Category | Finance |
| Official Online Portal | www.ssa.gov |
Changes and Updates
1. Payment Increase
Will Social Security Payment Increase in 2024? Yes, Social Security payments are set to increase in 2024 due to the annual Cost of Living Adjustment (COLA). The COLA for 2024 is 3.2%, which translates to an average monthly increase of over $50 for beneficiaries.
This adjustment helps recipients maintain their purchasing power amidst rising prices. Payment schedules will follow the regular timetable, with disbursements made on the second, third, and fourth Wednesdays of each month based on the beneficiaries’ birth dates.
2. Eligibility Changes
Social Security Eligibility Changes 2024 Key factors to consider for 2024 include changes to the earning test and full retirement age:
- Full Retirement Age: If you plan to apply for benefits, it’s crucial to understand the new eligibility criteria. While you can start collecting benefits at 62, full benefits are available at full retirement age, which varies based on your birth year. For example, individuals born in 1957 reach full retirement age at 66 years and six months, whereas those born in 1958 will reach full retirement age at 66 years and eight months.
- Earning Test: This applies if you are below full retirement age but still collecting benefits. If you are working and earning an income while receiving Social Security, your benefits might be affected by the earnings test.
Detailed Breakdown
Cost of Living Adjustment (COLA)
- Percentage Increase: 3.2%
- Average Monthly Increase: Over $50
- Effective Date: Payments adjusted based on birth dates
Eligibility Criteria Adjustments
- Full Retirement Age: Varies by birth year; important for maximizing benefits
- Earning Test: Affects those below full retirement age who are still earning income
Key Takeaways
- Increased Payments: Beneficiaries can expect a 3.2% increase in their monthly payments.
- Updated Eligibility: Changes to full retirement age and the earnings test are crucial for those planning to apply for or already receiving benefits.
The SSA has announced two significant changes for SSDI and SSI in 2024: a payment increase due to a 3.2% COLA adjustment and updated eligibility criteria, particularly concerning full retirement age and the earnings test.
These changes aim to help beneficiaries maintain their purchasing power and ensure they receive adequate support. For more detailed information and updates, visit the official SSA website at www.ssa.gov.
FAQs
Will SSDI and SSI payments increase in 2024?
Yes, there will be a 3.2% increase due to the Cost of Living Adjustment.
What is the full retirement age for Social Security in 2024?
It varies by birth year; for example, 66 years and six months for those born in 1957, and 66 years and eight months for those born in 1958.
How does the earnings test affect my Social Security benefits?
If you are below full retirement age and earning an income, your benefits might be reduced based on the earnings test.
When will the new payment amounts be effective?
The new payment amounts will be effective from January 2024, with payments disbursed based on beneficiaries’ birth dates.
Where can I find the latest updates on SSDI and SSI changes?
Visit the official SSA website at www.ssa.gov for the latest information.
