$2400 Cola Stimulus Checks Coming – Payment Date for SSI SSDI VA, Track Your Deposit

There have been reports on the expansion of support payments by the Federal Government in the US, but at the same time, it has also been reported that the lawmakers have not supported it completely. For this reason, when it was first reported that in the US there can be a new law by the Congress, also called as The Social Security Expansion Act, there was a lot of excitement in the public, and all the various categories of beneficiaries.

In the recent years, it was seen that a lot of US residents have been in the process of receiving their Federal Benefits from the Government after it was noted that the families in the US had been struggling with their finances and expenditures. The main reason behind this was the COVID 19 pandemic, and at the same time, the rising costs which these families had to face for the need of all the essential goods and/ or services. This had also been the reason for the US Government’s various support packages which were provided to these citizens with all the types of follow up payments.

$2400 Cola Stimulus Checks Coming

As mentioned, the COVID 19 pandemic had made the support payments from the US Government available, but at the same time, it had been reported that the US citizens had needed more help for their finances. To help with this, a lot of the US States had come forward to provide their own support packages to these residents in the US who needed financial help, and not only that, the support payments had also been provided in the resident’s tax rebates or refunds.

It is now expected that there is a big help coming again from the US Government as it has been reported that The Social Security Expansion Act is getting more support, and as per the bill, it has been mentioned that all the residents who are eligible and receiving their Social Security Benefit, or the people who are going to complete their 62 years in the year of 2024 are going to be provided with a lot of extra money. This is to say that the people who will either be 62 (in 2024) or who are also getting their Social Security checks for now are going to receive an extra amount of about $200 with their benefits every month.

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SSA COLA Increase $2400 Check Overview

CountryUS
ProgramSocial Security Benefit
TypeIncreased Support for the citizens
Amount Increase$200 every month
Known For$2400 Annual Increase
CategoryGovernment Aid
COLA Increase3.2 percent
Handled BySocial Security Administration

Estimated SSA Increase in 2024

There is a good news for the people who are receiving their Social Security Checks every month, and it tells that the people who are eligible or who will complete their 62 years in 2024 are going to get an additional amount. This addition in their amount is going to be a monthly boost of about a total of $200 to the families with low incomes, disabled people, and all the eligible retired people who are a part of the Social Security Benefit check. As this amount is a maximum of $200 for every month, it is expected that the yearly benefit which is expected in addition, as a result, is going to be about $2400.

It has also been reported that this increased Social Security Benefit is going to include people who are not eligible for the checks as of now, and this includes the likes of caregivers or parents who stay at home. It is also expected that this increased benefit is going to be costing a total of about $2 trillion in the next ten years, but as per the experts, this cost is going to be covered by the economic activity which will be a result of these benefits. Although this is a good news, it is also expected that the people who will be eligible for the boost will get amounts as per the eligibility conditions including their disability status, or the income of the beneficiary, etc.

$2400 Cola Stimulus Checks Coming - Payment Date for SSI SSDI VA, Track Your Deposit

Estimated COLA Increase for 2024

For the upcoming year, it has been reported that more than 60 million US residents are going to see an increase in the benefits which are provided by the government. This will include about a 3.2% increase starting from 2024, and the Social Security benefit along with the Supplemental Security Income are going to increase for these recipients after this is applied. Those who don’t know, the increase in the Social Security Retirement Benefits will be about $50 every month for the beneficiaries.

It must be noted that this increase is going to help with the Cost Of Living Adjustments in the support which is provided to the Social Security receivers. Not only that, the increase in these support payments is going to begin with December 2023 (from 29th December 2023 for the SSI Beneficiaries). Those who want to check their new benefit amounts, it is informed that the Social Security will start to notify the beneficiaries starting from early December 2023 (because January 2024 deposit date is a holiday, so the increased payment for 2024 will start with December 2023 which will see two payments) by mail.

For others who have a My Social Security account, they can also check their COLA notice to track their new benefits online. For this, it has been mentioned that the beneficiaries are going to need their My Social Security account registered and working latest by 14th November 2024. The COLA increase is found by using the data provided from the Department of Labor, and the CPI values help in checking if the wages have increased for the workers or not.

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