Each Year social security benefits are being revised and altered by the SSA authorities as per the inflation in the country. The US agency revised these payments based on the inflation data in the country. There is a specific method for the calculation of the Social Security Benefits raise. These SSA Benefits can be evaluated through the COLA. This COLA will telus us the increase for the social security payments. This COLA can be determined through the inflation data or we can say CPI data. These CPI Data is only taken for the three months and these CPI months are July, August, September.
These three months CPI data will tell us the raise in the Social Security Payments. We already have the two months CPI Data but the CPI for the September month is left and will be a month from now. US bureau of Labor Statistics will provide CPI Data on 10th October 2024. Following that we will know the increase in SSA benefits for the upcoming year. In this guide we will know SSA, SSDI,SSI,VA Benefits Increase By SSA. This post will also include some common qualification requirements with the SSA schedule.
SSA, SSDI, SSI, VA Benefits Increase By SSA
The SSA Benefits include SSI, VA, SSDI, Survivor benefits, retirement benefits. These benefits are the monthly assistance which will be issued to the qualified citizens as per the SSA Benefits. Each year these benefits are revised as per the COLA so that the residents can cope up with the high costs and the inflationary pressures. This guide will include SSA, SSDI,SSI,VA Benefits Increase By SSA, with qualification requirements and schedule for the payments. This Increase for SSA Benefits will be effective from the upcoming year.
This is expected by the SSA officials that for the upcoming year the COLA will be at 2.5% which is less than this year COLA. This year COLA is 3.2% and benefits for this year is raised by this percentage on the Gross Benefit Amount. It is expected that this year there will be a raise in benefits but that raise will be little low as compared to the previous year.
SSA Benefit Increase 2024- Overview
| Post Title | SSA, SSDI,SSI,VA Benefits Increase By SSA |
| Year | 2024 |
| Name of the Country | USA |
| Issuing Authority | SSA |
| Name of the Payment | RSDI, SSI, VA |
| SSA Benefits Eligibility 2024 | Qualified US residents |
| Objective | Financial Support |
| Frequency of the SSA Benefits | Monthly |
| RSDI, SSI Payment Schedule 2024 | See this guide |
| Mode of the SSA Payments | Direct Bank Deposits or Checks |
| COLA Increase Update | 2.5% |
| Category of the Post | Finance |
| Official Web Page | www.ssa.gov |
SSA Benefits Eligibility 2024
| SSA Benefits Name | SSA Benefits Qualification 2024 |
| Retirement Benefits | The retirement payments are offered to the citizens aged 62 Years or above who worked with social security. |
| Supplemental Security Income | The low income seniors with 65 Years age will get this payment including the disabled citizens with any age group. |
| VA Benefits for Survivors Benefits | The deceased serviceman survivors such as parents, dependent children, spouse, ex spouses can get this veteran payment. |
| Social Security Disability Insurance | The disabled citizens with any age group can get this benefit with the supporting medical evidence. |
RSDI, SSI Payment Schedule 2024
| Name of the SSA Payment | Social Security Payment Schedule 2024 |
| RSDI- Retirement, Survivor, Disability | Birthdate 1-10th 11th-20th 21st-31st September 11th 18th 25th October 9th 16th 23rd November 13th 20th 27th December 11th 18th 24th |
| Supplemental Security Income and VA | Month Payment Date Payment Day September = 30th August 2024 – Friday October = 1st October 2024 – Tuesday November = 1st November 2024 – Friday December = 29th November 2024 – Friday |
COLA Increase Update 2024
The COLA for the upcoming year can be computed through the CPI data for July, August, September. Already the Data for July, August is available and soon the September data will be out. As per the updates and economists research this is expected that the COLA for upcoming year will be 2.5%. This means that the SSA payments will rise by 2.5%. There will be a rise in benefits but this rise will not be too much.
| Description | CPI W | |
| Year/Month | 2023 | 2024 |
| July | 299.899 | 308.501 |
| August | 301.551 | 308.640 |
| September | 302.257 | Not Announced |
| Total For three months | 903.707 | — |
| Average | 301.236 | — |
Calculation: ? minus 301.236/ 301.236 * 100 = ?%
How Much You Will Get?
As per the economists and researchers the COLA of 2.5% will raise the benefits at average $15 per month. This means that a $180 Per Year raise will be seen.
| Current Benefits that you are receiving | Monthly Amount of Raise |
| $700 | $18 |
| $800 | $20 |
| $900 | $23 |
| $1000 | $25 |
| $1100 | $28 |
FAQ Related To SSA, SSDI, SSI, VA Benefits Increase By SSA
The COLA for the upcoming Year is expected to be 2.5%.
The average increase for retirement benefits is $48 per month.
The CPI Data for July, August, September can compute the upcoming year COLA.
This expected raise is low as compared with this year’s raise.
Yes, all SSA Payments will be raised.
