A new bill to increase Social Security benefits in 2024 will soon be passed by the president of the United States. To give individuals a stable income to support their normal way of life, the Social Security Administration (SSA) has been distributing Social Security Benefits to citizens.
The Bill will now be offered to give individuals greater financial help by increasing their benefits. The citizens will receive more support as a result of the increase in COLA. The seniors may be able to receive greater economic support thanks to the new bill.
Overview
The Social Security Administration has been providing seniors who meet the eligibility requirements for those who have retired from the workforce and are disabled with a fixed income.
To increase the benefits presently being received by retired individuals, a new measure has been introduced in the United States.
The Cost of Living Adjustments (COLA), which is based on the Consumer Price Index for Urban Wage Earners, is the source of this proposed modification.
Afterwards, several elements related to housing, food, consumer goods, health care, and other benefits are covered by the CPI. In 2024, there was a 3.2% increase in the COLA, following an 8.2% increase in 2023.
The purpose of the monthly cheques is to help the inhabitants make ends meet. The funds can be used to pay for groceries or medical expenses. When you reach sixty-two, you’ll be able to collect the money, which will be credited to your account.
Eligibility Requirements
- You are an American resident.
- You are now sixty-two years old.
- Your Social Security number (SSN) is with you.
- You do not earn more than the threshold amounts.
- The taxes were paid on schedule.
Amount
The age at which you are collecting Social Security benefits affects your benefits. Only until you reach the age of sixty-two, which is retirement, may you receive the pension.
The current full retirement age is 67 years old, at which point you will be eligible to receive the entire $3822 monthly income. You can receive the maximum benefit throughout the maximum benefit delay period, which is up until the age of 70.
Payment Schedule
| Birth Date | Monthly Payment Dates |
| 1st to 10th | 2nd Wednesday |
| 11th to 20th | 3rd Wednesday |
| 21st to 31st | 4th Wednesday |