Fixed $440 Monthly Boost for Social Security & SSI

Written By: Anushka

Recipients

Over 70 million Americans receive Social Security, with increases based on eligibility and rising inflation.

Current Benefits

In 2023, benefits ranged from $1,681 to $4,555 per month, depending on eligibility and contributions.

New Rates

In 2024, some recipients will see benefits increase by $440 monthly, reflecting an 8% annual growth.

Purpose

Social Security provides financial aid to retirees, disabled individuals, and survivors, ensuring sufficient funds for monthly expenses.

Eligibility

Benefits are available to those 62 and older, with at least 10 years of contributions, or disabled individuals with limited work credits.

Calculation

Benefits are calculated based on the Average Indexed Monthly Earnings (AIME) and the 35 highest-earning years.

2024 Increase

In 2024, the maximum benefit for retirees will be $3,822, up from $3,627 in 2023, with an average benefit increase to $1,907.

IRS $12,000 Stimulus Check: Eligibility And Date