Social Security Benefits to Increase by 63.4% New Hike Announced for SSDI, SSI, and VA Checks

You’ve come to the right place if you are a senior who is having a hard time making ends meet every month and doesn’t know what to do next. We’ve written a lot about the stimulus package and Social Security income before, but we wanted to give you the most up-to-date information.

Seniors’ lives will change because of the rise in their Social Security payments. The extra money will be added to the stimulus that was already there. Checks from Social Security, SSDI, and SSI will go up by 63.4% for about 72 million people in the country. They will get a set amount of money every month when they leave. People who have to take care of a family or other children can’t handle the cost of living. They will be able to live a normal life with the help of the SSI.

What is the change in the cost of living?

To keep up with inflation, the government has chosen to make changes to the cost of living. This is for low-income adults, disabled people, and people over the age of 65. The 3.2% rise in COLA is reflected in the Federal SSI Payments. The rise in inflation and the CPI-W were used to decide the rate of growth. The COLA was set based on the CPI-W, which was 302.257 in September 2023. The leaders have thought about giving them the money in a way that will help them save a little.

However, the COLA was 8.7% last year, so this year’s is smaller. The recipients, on the other hand, can quickly plan for their retirement. The SSI will help them if they need a caregiver or in order to pay their medical bills. Every year, the cost of living increases to keep up with inflation. The government often makes changes that help people with their money.

Who is allowed to?

This part will go over the important facts of who can get the 63.4% increase in Social Security.

People in the country who are 65 years or older.
They should live in the country permanently.
People who are ill, survivors, or young children are the ones who apply.
To get Social Security, foreigners must show proof that they have lived in the United States for more than 20 years.
The person had paid into social security when they had a job.
People with low incomes will get SSI payments.

Since getting paid by check is an old way, the money will be sent to the officials on debit cards. A date has been set for the second batch of debit cards: February 2024. On the main pages of the SSA or the IRS, you can also find the plan. For people to get the right information, they will need to log in to the portals.