A rumor has suggested that $200 Monthly Increase For Social Security Payments in May 2024 is arriving. However, the aforementioned rise is only a proposal made in accordance with the Social Security Expansion Act and is not an official statement.
Senator Bernie Sanders has introduced this Act, which has not yet been passed into law. If approved by US lawmakers, the SSEA is intended to significantly alter how the Social Security programmes are carried out.
It will raise the income thresholds for eligibility as well as the amount awarded through the Social Security Administration’s various programmes.
$200 Monthly Increase For Social Security Payments
First things first: there won’t be a $200 monthly increase in Social Security benefits; it will happen in May 2024. Before the SSEA is formally implemented for SSA beneficiaries, it may take some time as the American Congress has to ratify it.
The current SSDI, VA, and SSI beneficiaries will simply continue to get their regular monthly benefits, as discussed in this article. The argument used to support the $200 monthly increase in Social Security benefits is that the benefits currently provided by the VA, SSDI, and SSI programmes are insufficient.
The cost of living rises in tandem with inflation, making it very challenging for low-income households to control their spending. These SSA beneficiaries’ income and expenses will probably be able to be balanced by the planned rise.
It is recommended that readers read the entire article in order to obtain important information regarding the Social Security benefits that will be paid in May 2024.
$200 Monthly Increase For Social Security Programs
The SSA has been entrusted by the US Federal Government to carry out a number of financial aid programmes in the country. The United States Treasury collects Social Security taxes to fund these programmes.
The employees who have signed up for the SSA programmes have the SST deducted from their monthly wages. All the financial assistance programmes run by the Social Security Administration will be impacted.
This will be so, if the aforementioned plan to increase Social Security payouts by $200 per month is adopted. The qualified recipients of SSA programmes, such as SSI, SSDI, and VA, will get increased Social Security benefits, which total $200 per month.
Beneficiaries Eligibility
SSI
- The applicant must make very little to nothing each month – less than $1,711 for a single person.
- The claimant must have resources, such as a vehicle and savings in a bank account, less than: i. $2000 for singles; ii. $3000 for couples.
- The limit will increase for couples and the households’ head with dependent children.
- The claimant must be 65 years of age or older.
- The claimant must suffer from any physical or psychological disability, such as blindness.
Visit https://www.ssa.gov/ssi to get additional information.
SSDI
- The claimant paid SST while they were employed.
- The claimant had a medical condition or disability that limited their ability to work, i.e., engaged in substantial gainful activity.
- The medical condition or disability was or is expected to be fatal.
- The claimant’s disability or condition must be certified by a licensed medical professional.
Visit https://www.ssa.gov/benefits/disability/qualify.html to review additional information.
VA
- The claimant has been an active member of the armed forces, air force, or navy.
- The claimant has not received an unjust dismissal from the service.
Additional information is available at https://www.va.gov/health-care/eligibility/.