The buzz around 2x stimulus payments for SSI, SSDI, SSA, and VA recipients has captured everyone’s attention. With talks of a fourth installment of the stimulus being deposited soon, many applicants are eager to see an increase in their stimulus checks.
Some have already noticed a bump in their monthly payments. Haven’t received yours yet? Keep reading to find out more about the increase in SSI, SSDI, SSA, and VA paychecks and the eligibility criteria.
Coming?
The Internal Revenue Service, in collaboration with the Treasury Department and the Social Security Administration, has always aimed to support low-income citizens and those who lost their jobs during the pandemic.
This month, the SSA confirmed that applicants should receive their SSI and SSDI insurance. Last year’s paychecks were $1,200, but due to higher inflation and increased Cost of Living Adjustment (COLA), this amount will rise. Many recipients have already seen a 50% increase in their benefits.
Programs
Social Security benefits provide a crucial income source for retirees, disabled individuals, and survivors. These paychecks are rebates of taxes paid by individuals and come with additional benefits. Here’s a breakdown:
- SSI: Retired pensioners receive $1,848, couples get $2,939, and disability benefits are $1,489.
- Survival Benefits: Older spouses receive $1,718, while a widowed parent with two foster children gets $3,540.
In 2024, pensioners can expect increased paychecks, especially those retiring this year. The more you earned during your employment, the more you’ll benefit from your post-retirement savings.
Payments
Stimulus payments were introduced during the pandemic to help those who lost their jobs. The benefit was directly deposited into beneficiaries’ accounts, with an initial amount of $1,400 per individual. The first three stimulus installments have been issued over the past few years, and the fourth is expected soon. While previous installments were $1,400 per person, the upcoming payments are expected to double.
COLA Benefit
High inflation and economic instability have led to an increase in the COLA benefit, starting in 2024. The marginal increase is 3.2%, impacting tax implementation and benefit credits for beneficiaries. The consumer price index has also been adjusted due to changes in urban wage and clerical workers, resulting in an estimated tax rate increase of 7.2%.
After the 3.2% increase, SSI benefits rise to $1,907 per pensioner, $3,033 per couple, and $1,537 for SSDI. Survival benefits under the VA also increase, with older spouses receiving $1,773 and nominees with two children getting $3,653.
Eligibility
Wondering if you’re eligible for the increased benefits? Here are the criteria:
- Applicants who received the first three installments qualify for the increase.
- Claimants who have consistently paid taxes on time will see a deposit boost.
- Individual taxpayers with annual incomes below $75,000 are eligible for stimulus checks.
If you haven’t received your updated paychecks yet, keep an eye on your “My Account” for updates.
The anticipation around the fourth stimulus installment is palpable. With increased benefits on the horizon, many beneficiaries are set to receive a significant financial boost. Stay informed, check your eligibility, and monitor your accounts to ensure you receive your due payments.
FAQs
When is the fourth stimulus check expected?
Soon, but no exact date is confirmed.
How much will the fourth stimulus check be?
It’s expected to double the previous $1,400 payment.
Who is eligible for the increased benefits?
Those who received the first three installments and meet income criteria.
How much is the new SSI benefit per pensioner?
$1,907 per month.
What is the new COLA percentage increase?
3.2% starting in 2024.