The Social Security 2100 Act has been proposed in response to growing concerns about the financial security of seniors and disabled individuals. This new legislation provides a $2600/month Extra Check to Social Security beneficiaries which is deposited directly into their accounts.
This assistance is available through programs such as SSI, SSDI, and VA benefits, giving older individuals access to additional funds. Let’s dive into the details of this new benefit, its eligibility requirements, and when you can expect the payments.
What is the Social Security 2100 Act?
The Social Security 2100 Act is a new bill proposed by Congress and the U.S. federal government to provide financial support to seniors in the form of $2,600 monthly stimulus checks. This assistance is available through programs such as SSI, SSDI, and VA benefits, giving older individuals access to additional funds.
The legislation stipulates that even if individuals do not file tax returns for 2023, they may still receive the $2,600 per month direct deposits in 2024. However, since the U.S. government has yet to provide an official announcement, we shall await a confirmation from the IRS.
What does the Social Security 2100 Act Propose?
Numerous proposals have been presented to enhance Social Security, often suggesting increases in revenue, reductions in benefits, or a combination of both.
One such proposal is the “Social Security 2100 Act” by Congressman John Larson. Congressman Larson, who leads the Ways and Means Subcommittee on Social Security, introduced the bill to the House of Representatives in January 2019. The bill includes several key provisions, such as:
- Boosting initial benefits for lower-income recipients by a modest amount.
- Adjusting the cost-of-living adjustment (COLA) using a faster-growing price index (CPI-E) rather than the current index (CPI-W) for future Social Security beneficiaries.
- Taxing income over $400,000, while allocating only a portion of the tax credit to future benefits.
- Gradually raising the payroll tax rate from its current level of 12.4% to 14.8% by increasing it by 0.1 percentage points annually.
Social Security 2100 Act Leads to Changes to SSI
For Americans who receive Supplemental Security Income (SSI), the Social Security Administration will be easing certain regulations. The United States is set to introduce changes to the rules governing food assistance for SSI recipients. This adjustment will positively impact the way Supplemental Security Income benefits are calculated.
Individuals who receive Supplemental Security Income will need to wait until September for the new rule to come into effect. According to the Social Security Administration, the change will be implemented on September 30, 2024.
The agency has announced that, as of September 30, 2024, food will no longer be included in the calculation of SSI ISM. This means that SSI beneficiaries will no longer have meals they regularly receive counted against them. This modification is expected to benefit over five million SSI recipients, as it may increase their SSI payments by approximately 33%.
Starting September 30, you will no longer need to report food expenses to Social Security, as food assistance will not be factored into your SSI benefits, regardless of priority.
$2,600 per Month Extra Check Direct Deposit Eligibility
To qualify for the $2600 per month extra check, you must meet the following criteria:
- For individuals, the resource limit is set at a maximum of $2,000; for married couples, the limit is $3,000.
- Social Security Beneficiary: You must be a current Social Security beneficiary, either receiving retirement benefits or disability benefits.
- Seniors aged 65 and older.
- People aged 64 and younger with disabilities.
- Individuals who face challenges in carrying out their daily activities, including blind citizens or minors.
- Unemployed individuals or children.
How to Claim your $2,600/Month Extra Check in 2024?
While you don’t need to apply specifically for the $2600 extra check, you should make sure your Social Security information is up to date and accurate to receive the benefit. If you are already a Social Security recipient, the payments should be automatically deposited into your bank account.
Just make sure you meet the eligibility criterion which makes you eligible for the extra check. After that, wait patiently and you’ll receive your benefits in your account directly.
$2,600/Month Extra Check Direct Deposit Dates
The $2600 extra checks are expected to begin direct deposits in early 2024. The exact payment dates will vary depending on your Social Security benefit schedule, which is determined by your birth date:
- 1st to 10th of the month: Payments are typically made on the second Wednesday of the month.
- 11th to 20th of the month: Payments are typically made on the third Wednesday of the month.
- 21st to 31st of the month: Payments are typically made on the fourth Wednesday of the month.
Keep an eye on your bank account or benefit schedule for the exact payment date.
Our Verdict
This new rule will positively impact four key groups of Americans. Social Security provides SSI benefits to adults and children with qualifying disabilities, blind individuals, and seniors aged 65 and older. Therefore, none of them will be able to discern how much their eligibility for food assistance has been affected.
The $2600 per month extra check direct deposits in 2024, provided by the Social Security 2100 Act, offer a welcome boost to the financial security of Social Security beneficiaries. Stay informed about the latest updates and reach out to the Social Security Administration with any questions.
By planning carefully, you can make the most of this additional support for a more secure financial future.