The Social Security Administration (SSA) has announced $120 increase in payments coming this month for eligible beneficiaries. Starting May 2024, Social Security payments will witness a substantial 21% increase, rendering beneficiaries eligible for an extra $120 in direct deposit.
This adjustment is aimed at empowering retirees and other Social Security recipients amidst the ever-fluctuating cost of living. It coincides with the commencement of the annual cost-of-living adjustment (COLA) for 2024, which has experienced a modest uptick.
In this comprehensive guide, we will check the $120 increase in Social Security payments slated for May 2024, the eligibility criteria for the increment, the process to claim the additional amount, the latest updates, and everything else you need to know about it.
Is $120 Social Security Payment Increase Coming in May 2024?
The $120 increase in Social Security payments directly aligns with the Cost-of-Living Adjustment (COLA) for May 2024. This strategic move aims to help beneficiaries deal with rising prices and maintain their purchasing power.
This adjustment ensures that as living costs go up, SSA benefits also increase, making it an essential improvement for the millions of Americans who rely on these payments for their daily needs.
In an effort to keep up with inflation, payments are set to increase by 3.2%, according to the Social Security Administration. This means an average rise of about $55 per month for nearly 67 million beneficiaries.
While this increase is more modest compared to the 8.7% COLA seen in 2023 – the highest in over four decades – it indicates a slowdown in price hikes. Before the pandemic, the last time a COLA was larger than this year’s was in 2011, when it reached 3.6%.
Social Security Payments Increase in the Last 10 Years
Here’s a table illustrating the increase in Social Security payments over the last 10 years:
| Year | Increase Amount (per month) |
| 2014 | $19 |
| 2015 | $22 |
| 2016 | $16 |
| 2017 | $10 |
| 2018 | $20 |
| 2019 | $39 |
| 2020 | $24 |
| 2021 | $20 |
| 2022 | $23 |
| 2023 | $96 |
This table shows the gradual increase in Social Security payments over the past decade, with fluctuations in the amount of increase from year to year.
Who is Eligible for $120 Increased Social Security Payments?
To qualify for the $120 increase in Social Security benefits in May 2024, applicants must adhere to specific eligibility criteria. Interested individuals must furnish comprehensive proof of their eligibility to receive the designated amount of Social Security funds.
Eligibility Criteria:
- Hold American citizenship and provide valid proof of citizenship status.
- Meet the age requirement of being 65 years or older.
- Submit proof of retirement status as part of the application process.
- Individuals applying for other benefits such as Social Security or council assistance will automatically receive benefits if eligible.
- Essential to possess documentation verifying one’s age and any disabilities for further processing.
If applicants fulfill all the eligibility criteria, they can proceed to the next step of applying for Social Security programs either online or through offline channels.
How to Apply For Increased $120 Social Security Payments?
To claim your additional $120 as part of the increased Social Security payments in May 2024, you simply need to be an existing Social Security beneficiary. However, if you haven’t enrolled in any program such as SSI, SSDI, VA, Medicare, etc., then you should apply promptly.
Here’s how to apply for Social Security payments:
- Gather Required Documents: Before initiating the application process, gather necessary documents such as your Social Security number, birth certificate, proof of citizenship or legal residency, and any relevant financial records.
- Decide on Application Method: Choose whether to apply for Social Security benefits online, over the phone, or in person at your local Social Security office, based on your preference and convenience.
- Complete the Application: If applying online, visit the Social Security Administration’s website and navigate to the “Apply for Benefits” section. Follow the provided instructions to fill out the online application form.
- Provide Necessary Information: Ensure the accuracy and completeness of the information you provide about yourself, including personal details, employment history, and financial status.
- Submit Supporting Documents: Alongside your application, submit any required supporting documents such as birth certificates, marriage certificates, or tax records, to verify your eligibility for benefits.
- Review and Submit: Thoroughly review your application to confirm all details are accurate and complete. Once satisfied, submit your application electronically or by mail, depending on your chosen application method.
- Await Confirmation: After submitting your application, anticipate acknowledgment from the Social Security Administration confirming receipt of your application. Please be patient, as application processing may take some time.
- Follow-up: If you haven’t received a decision on your application within a reasonable timeframe, follow up with the Social Security Administration to inquire about the status of your application.
By adhering to these steps and furnishing all required information and documents, you can successfully apply for Social Security payments.
How Much Benefits will be given to Social Security Beneficiaries now?
With the increase of $120 in Social Security payments, the total amount received by beneficiaries will vary depending on their existing payment. For example, if a beneficiary currently receives $1,000 per month in Social Security payments, with the $120 increase, they will now receive $1,120 per month.
This increase in Social Security payments aims to provide additional financial support to beneficiaries, helping them better cope with the rising cost of living and ensuring their financial security during retirement.
The adjustment reflects the government’s commitment to addressing the evolving needs of retirees and other Social Security recipients, acknowledging the importance of these benefits in sustaining individuals’ quality of life.
As beneficiaries continue to navigate economic uncertainties, increased payments serve as a valuable resource in meeting essential expenses and maintaining overall well-being.
Increased Social Security Payments Schedule for 2024
The Social Security Administration diligently organizes payment schedules to ensure the timely distribution of funds to beneficiaries. With the new increase set to take effect in May 2024, it’s essential for beneficiaries to grasp when they can anticipate the adjustment in their payments.
Outlined below is the tentative Social Security payment schedule for 2024, provided by the SSA:
Payments are dispensed by the SSA according to the beneficiary’s birth date, adhering to a consistent monthly timetable:
- For individuals born between the 1st and 10th of the month: Second Wednesday of the Month.
- For those born between the 11th and 20th of the month: Third Wednesday of the Month.
- For individuals with birthdays falling between the 21st and 31st of the month: Fourth Wednesday of the Month.
This methodical schedule ensures a seamless and predictable distribution of payments, empowering beneficiaries to effectively manage their finances.
Final Words
In summary, the $120 increase in Social Security payments for May 2024 offers crucial assistance to numerous beneficiaries, easing the burden of escalating living expenses. With the implementation of this adjustment by the Social Security Administration, beneficiaries can expect punctual distribution of funds aligned with their birth dates.
This enhancement highlights the government’s dedication to aiding retirees and those dependent on Social Security benefits. Nonetheless, it’s vital to stay vigilant and remain updated regarding any modifications or developments related to the program.
Disclaimer: Although we strive for accuracy, readers are encouraged to verify information through official channels or seek advice from financial professionals for the most current updates and tailored advice.