Over the last weeks, there has been a false rumor mill spreading about a $440 increase in the social security payments beneficiaries receive, more so on supplement security and social security disability insurance beneficiary. This is, by far, rather significant to confirm whether this is true or not, given that most low-income people and families depend on these benefits to survive and run their daily expenses. The following article looks at the situation that is surrounding this rumored increase in these monthly checks and what the beneficiaries should realistically be on the lookout for in the future endowment of these benefits.
Overview of Social Security Benefits
Social Security benefits purport to make available financial support that the retirees, the disabled, and poor families need. The Social Security Administration runs several programs, including SSI, SSDI, and more, which are aimed at extending vital aid to those with limited incomes or disabilities.
SSI is a program basically meant to provide financial support for the elderly, blind, or disabled persons that have not spent sufficient time in work and hence are not qualified for support under SSDI. SSDI, on the other hand, means the program focused on helping people with a qualifying disability and adequate history of work under Social Security.
It follows that both programs are extremely important to millions of Americans and continue to foster decent living conditions by providing the means to meet basic needs such as shelter, food, and health care.
The rumored $440 augmentation
There is a current rash of rumors milling around that the beneficiary of Social Security, especially those on SSI and SSDI, would add an extra $440 per month to their benefits starting August 2024. The rumor mill has obviously opened the eyes of many stakeholders and interests on matters of concern to the beneficiaries; any additional help at a time of constricted budgets would be immensely welcomed.
It has, however, been ascertained that on inquiry, there is no form of public notice from SSA declaring a one-time or recurring payment of $440. There is no statement from the SSA on sharing that amount and beneficiaries should take extra care with such levels of misinformation that go around on social media, among other source of information.
Clarification of the rumored Social Security increase
While this is a $440 increase without merit, remember that Social Security benefits are always adjusted year over year to increase along with the cost of living. By seeing how the economy is looking with the current, SSA has announced a COLA of 3.2 percent beginning in 2024. This is going to put an increased number on the monthly benefit but how much really depends on the individual. Here are some key numbers on the changes:
- Average monthly benefit: The average Social Security benefit is to increase from about $1,827 to $1,907.
- Maximum retirement benefit: Its maximum benefit is to expand to $4,995 monthly from $4,555.
The move is in line with the growing rate of inflation and living cost that beneficiaries of these benefits grapple with, though these changes are not flat increases of $440 on all recipients.
Eligibility for present benefit
For a claimant to receive the SSI or SSDI status, specific criteria need to be met. The eligibility for receiving SSI stipulates that the applicant must have scanty income and scanty resources. The amount limitation in assets is $2,000 per person and $3,000 for couples.
In addition, they have to be 65 years of age or older, blind, or disabled. For SSDI, a claimant must have a qualifying type of disability and an adequate work history, typically 40 work credits that have been paid for through payroll taxes. It is important to realize that these eligibility criteria are in order for the beneficiaries to get the right benefits they deserve.
Importance of reliable information
Since most people nowadays are skeptical that a $440 augmentation is real, it is considered a must for recipients to heed what the resources are from which they get the information regarding their Social Security benefits. The wwww.ssa.gov page will always be the primary and most legitimate resource from which one shall get information about the benefits, eligibility criteria, and payment dates.
The recipients need, particularly, to guard against misinformation that leads to unrealisable expectations and, consequently, errors in financial planning. When properly informed through the right sources, it shall be much easier for the recipient to steer through their benefits.
The promise of additional benefits totaling $440 over and above low-income, SSI, and SSDI beneficiaries is making for some interesting anticipation. Be that as it may, the SSA is not informed about any such increment. The beneficiaries, however, can anticipate some modest raise in monthly payments with a 3.2% COLA for 2024.
