SSA Payment Schedule 2024 and Key Changes Unveiled

SSA Payment Schedule 2024: Social Security will look different in 2024, which will affect millions of Americans. On average, Social Security recipients

SSA Payment Schedule 2024: Social Security will look different in 2024, which will affect millions of Americans. On average, Social Security recipients will receive an extra $59 per month as a result of the Cost-of-Living Adjustment (COLA). Even though it’s lower than last year’s 8.7 percent, it’s still higher than the average since 1990.

COLA’s net gain may be reduced since Medicare fees are taken directly from Social Security benefits. Monthly Part B rates will increase from $164.90 to $174.70, which will balance out the increase in benefits.

Social Security taxes will remain at 12.4%, but the highest income taxed in 2024 will be $168,600, up from $160,200 in 2023.

In 2024, the income limits for people who get Social Security Disability Insurance (SSDI) will be higher. For most people, the limit will be $1,550 per month, and for blind people, it will be $2,590.

In 2024, the amount of money you can earn in Social Security credits will go up to $1,730 per credit. These credits are needed to get retirement payments.

People can earn up to four credits a year, and they need 40 credits or ten years of paid work to be qualified.

To get SSDI, you also need to have earned a certain number of credits, which can be anywhere from six to forty based on your age when your physical condition stops you from working.

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When will the money be sent?

Social Security and Supplemental Security Income (SSI) payouts will go up by 3.2% in January 2024. The rise will be spread out over several payments.

The first higher SSI payment is moved up to Friday, December 29, 2023, because January 1, 2024, is a holiday.

Your next payment will be sent to you on January 3 if you started receiving benefits before May 1997. If your birthday falls between January 1 and January 10, your next payment will be sent on January 17. If your birthday falls between January 11 and January 20, your next payment will be sent on January 24, and so forth.

Tarique Anwer

Tarique Anwer obtained his undergraduate degree from Aligarh Muslim University and his Master of Business Administration (MBA) from Annamalai University. He commenced his professional journey at Bank of America. He is an experienced Media professional with demonstrated expertise in news writing, content creation, and people management.