The Social Security Administration (SSA) has announced significant news that will positively impact numerous Americans, providing them with additional financial assistance. A 21% increase in Social Security payments will be seen starting May 2024 which makes beneficiaries eligible for an additional $120 direct deposit.
This adjustment aims to support retirees and other Social Security recipients amid the fluctuating cost of living. It is coinciding with the commencement of the annual cost-of-living adjustment (COLA) for 2024, which has experienced a modest increment.
In this guide, we will explore the 21% Social Security increase in May 2024 along with the eligibility criteria for the increment, the process to claim the additional amount, updated benefits, and everything else about it.
21% Social Security Increase Leading to $120 Additional Payment in May 2024
The $120 boost in Social Security payments, which is an overall 21% increase, directly corresponds to the Cost-of-Living Adjustment (COLA), strategically devised to assist beneficiaries in navigating inflationary pressures and preserving their purchasing power.
This adjustment ensures that as the cost of living escalates, the benefits administered by the SSA also increase, rendering it a vital enhancement for the millions of Americans reliant on these payments for their everyday necessities.
In an effort to keep pace with inflation, payments are slated to rise by 3.2%, as reported by the Social Security Administration, translating to an average increase of approximately $55 per month for nearly 67 million beneficiaries.
This increment, although more moderate compared to the 8.7% COLA observed in 2023 – the highest in over four decades, signifies a moderation in retail prices. Prior to the pandemic, the last instance of a COLA larger than this year’s was in 2011, when it stood at 3.6%.
Social Security Payment Increase Rate in the Last 10 Years
| Year | Increase Rate (%) |
| 2014 | 1.5 |
| 2015 | 1.7 |
| 2016 | 0.0 |
| 2017 | 0.3 |
| 2018 | 2.0 |
| 2019 | 2.8 |
| 2020 | 1.6 |
| 2021 | 1.3 |
| 2022 | 5.9 |
| 2023 | 8.7 |
Who is Eligible for $120 Increased Social Security Payment?
To qualify for the 21% increase in Social Security benefits in 2024, applicants must meet specific eligibility criteria. Interested individuals must provide comprehensive proof of their eligibility to receive the designated amount of Social Security funds.
Firstly, applicants must hold American citizenship and provide valid proof of their citizenship status. Additionally, candidates must meet the age requirement of being 65 years or older. Proof of retirement status must also be submitted as part of the application process.
Furthermore, individuals who apply for other benefits such as Social Security or council assistance will automatically receive benefits if eligible. It is essential to have 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 Social Security Payments?
To claim your additional $120 as part of the 21% increased Social Security payments in May 2024, you just have 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 right now.
To apply for Social Security payments, follow these steps:
- Gather Required Documents: Before beginning the application process, collect 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: You can apply for Social Security benefits online, over the phone, or in person at your local Social Security office. Choose the method that is most convenient for you.
- Complete the Application: If applying online, visit the Social Security Administration’s website and navigate to the “Apply for Benefits” section. Follow the instructions to complete the online application form.
- Provide Necessary Information: Ensure that you provide accurate and complete information about yourself, including your personal details, employment history, and financial status.
- Submit Supporting Documents: Along with 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: Review your application carefully to ensure all information is accurate and complete. Once satisfied, submit your application electronically or by mail, depending on your chosen application method.
- Await Confirmation: After submitting your application, you will receive confirmation from the Social Security Administration acknowledging receipt of your application. Be patient as the processing of applications may take some time.
- Follow-up: If you have not received a decision on your application within a reasonable timeframe, follow up with the Social Security Administration for updates on the status of your application.
By following these steps and providing all required information and documents, you can successfully apply for Social Security payments.
Social Security Payments Schedule for 2024
The Social Security Administration meticulously plans payment schedules to ensure timely disbursement of funds to beneficiaries. With the new increase effective from May 2024, it’s crucial for beneficiaries to understand when they can anticipate seeing the adjustment in their payments.
Here is the tentative Social Security payments schedule for 2024 as shared by the SSA:
Payments are distributed by the SSA based on the beneficiary’s birth date, following a consistent monthly schedule:
- If your birth date falls between the 1st and 10th: Your increased payment will be issued on this specific day.
- For birth dates falling between the 11th and 20th: Expect your enhanced check to arrive on this date.
- Birth dates from the 21st to the end of the month: Payments with the $120 increase will be distributed on this day.
This structured schedule ensures a smooth and predictable distribution of payments, enabling beneficiaries to effectively plan their finances.
Final Words
In conclusion, the increase in Social Security payments in 2024 brings much-needed relief to millions of beneficiaries, helping them cope with rising living costs. As the Social Security Administration implements this adjustment, beneficiaries can anticipate timely disbursement of funds according to their birth dates.
This increase underscores the government’s commitment to supporting retirees and individuals reliant on Social Security benefits. However, it’s essential to remain vigilant and stay informed about any updates or changes to the program.
Disclaimer: While every effort has been made to provide accurate information, readers should consult official sources or financial advisors for the latest details and personalized guidance.