The Social Security Administration sent monthly payments to more than 70 million Americans in 2023. This is a very old Administration and it has evolved a lot since it started in 1935.
Since the cost of living changes from one year to another, SSA needs to update payments. By doing so, millions of retirees, disability beneficiaries, and other recipients can maintain their buying power in 2024.
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After the 8.7% increase in 2023, few experts expected more than a 2% boost. Actually, Social Security will give retirees, SSDI, and SSI recipients 3.2% extra per month in 2024. Hence, there will be new amounts from December 29.
HOW MUCH SOCIAL SECURITY WILL RETIREES GET IN THE USA IN 2024?
The maximum Social Security retirement benefit will depend on the age you file for benefits. For instance, if you are going to retire in 2024 and you do so at Full Retirement Age you can get up to $3,822. Seniors who retire at 62 will get up to $2,710, so they will get a reduction.
If a senior retires at the age of 70 in 2024, this person will receive up to $4,873. After the 2024 COLA boost, all retirees will receive about 59 dollars extra per month from Social Security.
The current maximum amounts are $4,555 (at 70), $3,627 (at Full Retirement Age), and $2,572 (at 62) in 2023. These large payments are only for high earners who worked for at least 35 years and filed at 70.
Average payments will be more realistic. According to the last COLA fact sheet, the average Social Security retirement benefit is $1,848 and it will soon be $1,907 after the COLA boost for 2024.
SSDI AND SSI AMOUNTS FOR 2024
Some workers cannot work temporarily or permanently, so they claim disability benefits. If you have not earned enough work or Social Security credits, you may not qualify for SSDI.
Then, SSI could be an alternative. Social Security Disability Insurance offers payments of up to $3,627 in 2023. The new SSDI maximum amount will be $3,822 in 2024.
SSI has lower payments but they will be essential for over 5 million Americans. A single person on SSI can get up to $943 in 2024. Married couples can qualify for up to $1,415 after the COLA increase.
If your SSI, SSDI, or retirement benefits are not enough, apply for the Supplemental Nutrition Assistance Program (SNAP). This is the best way to reduce food insecurity if you cannot afford to buy healthy food. The Administration can take some time to make a decision regarding SSDI payments, so apply quickly.