Have you heard that a potential fourth installment of Stimulus Payments is on the horizon? Beneficiaries of SSI, SSDI, SSA, and VA programs are anticipating an increase in their checks, with some already seeing the boost in their monthly payments.
If you haven’t received your updated check yet, read on to learn more about the expected increase and the eligibility criteria.
What is SSI, SSDI, VA?
SSI (Supplemental Security Income), SSDI (Social Security Disability Insurance), and VA (Veterans Affairs) are social insurance programs designed to provide financial support to eligible individuals.
The payments issued under these programs are a form of tax rebate, helping beneficiaries cover their living expenses. The exact amount credited varies depending on individual circumstances, including retirement status, disability, or survivor benefits.
For 2024, there is an expected increase in the payments due to the higher Cost of Living Adjustment (COLA). For instance, under SSI, individual pensioners can receive up to $1,848, couples can receive $2,939, and an additional $1,489 may be credited as a disability benefit.
These adjustments reflect the rising costs and aim to provide greater financial security to retirees, disabled individuals, and surviving spouses.
What is the Stimulus Payment?
The Stimulus Payment was introduced during the pandemic to support those who lost their jobs or faced financial difficulties. The first three installments of the stimulus provided $1,400 per individual, directly credited to beneficiaries’ accounts.
The fourth installment, expected in the coming months, is anticipated to be higher, with a potential 2x deposit, especially for seniors.
Increment in Amount After COLA Benefit
The increase in COLA, driven by higher inflation, has led to a 3.2% increase in benefits starting in 2024. This adjustment impacts the taxable social insurance and benefits credits. For example, SSI payments have increased to $1,907 per pensioner, while couples can receive $3,033.
SSDI and VA benefits have also seen an uptick, with SSDI benefits increasing to $1,537 and VA survivor benefits rising to $1,773 for older spouses.
Are You Eligible?
To be eligible for the increased benefits, you must have received the first three installments of the Stimulus Payments. Additionally, claimants who have consistently paid their taxes on time and have an annual income below $75,000 are eligible for these enhanced payments.
Many beneficiaries have already received their updated checks according to their deposit dates. If you haven’t, make sure to monitor your “My Account” for any updates.
Conclusion
As we approach the potential release of the fourth Stimulus Payment installment, beneficiaries of SSI, SSDI, SSA, and VA programs should be aware of the expected increases in their payments.
With the adjustments due to COLA, many recipients can look forward to higher benefits, providing much-needed financial relief in the face of rising living costs. Ensure your eligibility and keep an eye on your account for any updates.
Q1. What is the expected increase in SSI payments for 2024?
A. The SSI payments are expected to increase to $1,907 for individual pensioners and $3,033 for couples, reflecting a 3.2% increase due to COLA.
Q2. When is the fourth Stimulus Payment installment expected to be released?
A. The fourth installment is anticipated to be released in the upcoming months, although an exact date has not yet been confirmed.
Q3. Who is eligible for the increased Stimulus Payments?
A. Individuals who have received the first three Stimulus Payments, have consistently paid their taxes on time, and have an annual income below $75,000 are eligible for the increased payments.
Q4. How much was the previous Stimulus Payment amount?
A. The previous Stimulus Payments were $1,400 per individual.
Q5. What is the impact of the COLA adjustment on SSDI benefits?
A. The SSDI benefits have increased to $1,537 due to the 3.2% COLA adjustment.
