The SSA has chosen to enhance Social Security benefits in tandem with the 3.2% COLA increase. The $485 Social Security increase that will take effect in June 2024 is available to support lower-income families.
Checking your eligibility requirements is the first step towards applying as it will indicate whether or not you are eligible for the payment.
Overview
The Social Security Administration never stops giving benefits to low-income persons who are having trouble completing their required payments.
It is impossible to overlook the fact that approximately 25% of Americans struggle to make ends meet and live below the poverty line. In America, between 70 and 75 million seniors get Social Security benefits.
Social Security is the name of the retirement payment that persons get when leaving the workforce. The 3.2% rise in COLA is now in effect.
Social Security will also see a rise in payments after the COLA benefits have increased sufficiently. The beneficiaries’ maximum benefit will be determined by the age at which they begin to receive payments.
A full retirement age of 67 years, at which $3822 will be paid each month, has been approved by the Social Security Administration. The Social Security Administration (SSA) will shortly approve the payment of $485 per month to each SS recipient.
Retirees will get an increased benefit, and benefits will be provided by payroll taxes paid by employers, employees, and independent contractors.
Eligibility Requirements
- The recipients must be US citizens and have no source of income.
- The citizens’ resources will be scarce.
- The resources can’t exceed $2,000. You cannot be younger than sixty-two years old.
- You are younger than sixty-two, but you have disability.
- You have to file your taxes on time.
Amount
| Recipients | Unrounded Amount For 2023 | Unrounded Amount For 2024 | Monthly Payment 2024 |
| Individual filers | $ 1097.44 | $11321.49 | $943 |
| Couple filers | $16453.84 | $16980.36 | $1415 |
| Essential individual | $5497.80 | $5673.73 | $742 |
Payment Schedule
| Date of Birth | Payment date | June 2024 Date |
| 1st to 10th | 2nd Wednesday each month | 12 June 2024 |
| 11th to 20th | 3rd Wednesday each month | 19 June 2024 |
| 21st to 31st | 4th Wednesday each month | 26 June 2024 |