As inflation rises, the Social Security Administration (SSA) has announced a potential increase in benefits for Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) recipients.
This increase is driven by the Cost-of-Living Adjustment (COLA) and may offer up to an additional $638 per month to qualified beneficiaries. Here’s everything you need to know about this boost and how to determine if you’re eligible.
Understanding the $638 Monthly Benefit
The extra $638 monthly benefit is part of a COLA adjustment designed to help recipients cope with rising living costs. In 2024, the COLA is set at 3.2%, providing eligible recipients with an increased monthly payout.
COLA ensure their purchasing power of eligible recipients remains stable amidst inflation.Over 71 million Americans receiving Social Security, SSDI, and SSI are affected by this increase.
Eligibility Criteria
To receive the extra $638 per month, recipients must meet specific eligibility requirements:
- Age Limit:
- For SSI recipients, you must be at least 65 years old or older.
- For SSDI, you must qualify based on disability status and your work history.
- Residency:
- Beneficiaries must be U.S. residents and provide proof of residency, such as tax returns or property ownership documentation.
- Income Limits:
- SSI has strict income thresholds, which vary based on marital status and other factors.
- For SSDI, benefits are calculated based on the recipient’s lifetime earnings, but there is still an income limit for additional employment.
How to Apply for SSDI and SSI Benefits
If you’re new to SSDI or SSI and want to take advantage of this increase, you’ll need to apply through the SSA. Follow these steps:
- Gather Necessary Documents: Ensure you have your social security number, birth certificate, proof of income, medical records, and work history ready.
- Complete the Application: Apply online through the SSA website or in person at a local Social Security office. Make sure all details are accurate to avoid delays.
- Document Verification: After applying, SSA will review your information. If approved, your payments will reflect the increase in the next scheduled deposit.
Maximizing Your Benefits
Here are some tips to ensure you’re receiving the full amount you’re entitled to:
- Keep Personal Details Updated: Regularly check your SSA “My Account” and update any changes in income, marital status, or residency.
- Review Your Work History: For SSDI recipients, your benefit amount is based on your lifetime earnings, so ensure there are no discrepancies.
- Apply for Other Programs: Some beneficiaries may also qualify for Medicaid, SNAP, or other assistance programs that can provide additional support.
| Aspect | Details |
|---|---|
| Benefit Increase | Up to $638 extra per month |
| COLA for 2024 | 3.2% increase in benefits to account for inflation |
| Eligibility Age | At least 65 for SSI; varies for SSDI based on disability |
| Income Limits | Must meet specific income thresholds for SSI and SSDI |
| Residency | Must be a U.S. resident |
| Application Process | Update details on SSA website or contact the helpline |
Impact on Other Benefits
Receiving additional income through SSI or SSDI could affect your eligibility for other need-based programs, such as Medicaid or SNAP. Make sure to review how these changes may impact your overall benefits.
Tax Implications
Keep in mind that if your total income exceeds a certain threshold, a portion of your Social Security benefits, including this $638 increase, may be subject to federal income tax. It’s advisable to consult a tax professional to understand your obligations.
Conclusion
The extra $638 per month in SSDI and SSI benefits for 2024 provides a significant financial boost to millions of Americans. With this increase, recipients can better manage rising living expenses caused by inflation.
To make the most of these benefits, ensure your eligibility, update your information with the SSA, and be proactive in managing your finances. By staying informed and following the guidelines set by the SSA, you can secure the financial support you need.
FAQs
1. What is the COLA increase for 2024?
The COLA increase for 2024 is 3.2%, resulting in an extra $638 per month for eligible SSDI and SSI recipients.
2. Who qualifies for the $638 monthly benefit increase?
U.S. citizens over the age of 65 for SSI, and those with disabilities for SSDI, may qualify for the increase, depending on their income and residency status.
3. When will the extra $638 be available?
The increase is expected to take effect in the first payment of 2024, provided all eligibility criteria are met.
4. Can I receive both SSI and SSDI benefits?
Yes, it is possible to qualify for both, but the total benefits are subject to a maximum limit.
5. Will the $638 extra benefit affect my taxes?
Depending on your total income, the extra $638 could be subject to federal income tax. Consult a tax professional to determine your tax liability.
References
- Harlingen Veterans. (2024). $638 Extra Monthly Social Security, SSI, SSDI Benefits: Eligibility Criteria & More.
- Uniaosp.org. (2024). $638/M Extra Benefits for SSDI and SSI in 2024: Know Eligibility.
- Spartail Chamber. (2024). What You Need to Know About the $638 Extra Monthly Social Security Payments.
- Nitap.in. (2024). Understanding the $638 Increase for SSDI and SSI in 2024.
