Have you heard the news? The fourth installment of the Stimulus Payments for SSI, SSDI, SSA, and VA is on its way. With many beneficiaries noticing an increment in their monthly checks, it’s time to find out if you’re eligible and how much you might receive. Keep reading to learn more about these payments, the eligibility criteria, and what you can expect in the coming months.
The Internal Revenue Service (IRS), in collaboration with the Treasury Department and the Social Security Administration (SSA), has consistently supported low-income citizens and those who lost their jobs due to the pandemic.
Recently, the SSA confirmed that SSI and SSDI recipients should expect an increase in their benefit checks due to higher inflation and an increased Cost of Living Adjustment (COLA). Let’s dive into the details of these stimulus payments and eligibility criteria.
SSI, SSDI, and VA
Social Security Income (SSI), Social Security Disability Insurance (SSDI), and Veterans Affairs (VA) benefits are government programs designed to provide financial support to eligible individuals.
SSI Benefits
SSI provides financial assistance to elderly, blind, or disabled individuals with little to no income. In 2024, the monthly benefit is $1,907 for individuals and $3,033 for couples.
SSDI Benefits
SSDI offers support to individuals who are disabled and have paid Social Security taxes. The additional disability benefit is $1,537 per month.
VA Benefits
VA benefits include various forms of support for veterans and their families. For instance, a surviving spouse receives $1,773, while a widowed parent with two foster children receives $3,653.
Stimulus Payments
Stimulus payments were introduced to help individuals who lost employment during the pandemic. The initial three installments of $1,400 per individual have already been distributed. The upcoming fourth installment is expected soon, and beneficiaries are hopeful for a doubled payment.
COLA Increment Impact
Due to increased inflation, the COLA adjustment has risen by 3.2% starting in 2024. This adjustment affects the taxable social insurance and benefits credited to recipients. Here’s a summary of the updated benefit amounts:
| Benefit Type | Previous Amount | Updated Amount (2024) |
|---|---|---|
| SSI (Individual) | $1,848 | $1,907 |
| SSI (Couple) | $2,939 | $3,033 |
| SSDI (Disability) | $1,489 | $1,537 |
| VA (Older Spouse) | $1,718 | $1,773 |
| VA (Widowed Parent with 2 Kids) | $3,540 | $3,653 |
Eligibility
Wondering if you qualify for these updated payments? Here are the key eligibility criteria:
- Previous Recipients: If you received the first three stimulus payments, you are eligible for the fourth installment.
- Tax Compliance: Applicants who have consistently paid their taxes on time will see an increase in their deposits.
- Income Limits: Individual taxpayers with an annual income below $75,000 qualify for the stimulus checks.
Keep in mind that many beneficiaries have already received their updated checks according to their deposit schedules. If you haven’t received yours yet, regularly check your “My Account” for updates.
With these adjustments, 2024 promises better financial support for SSI, SSDI, SSA, and VA recipients. Stay informed and ensure you meet the criteria to benefit from these increased payments.
FAQs
When will the fourth stimulus payment be released?
The exact date is not yet confirmed but is expected soon.
How much is the expected increase in the fourth stimulus payment?
Beneficiaries are hopeful for a doubled payment compared to previous installments.
What is the new monthly SSI benefit for individuals in 2024?
The updated monthly SSI benefit for individuals is $1,907.
Who is eligible for the increased stimulus payments?
Individuals who received previous stimulus payments and meet income and tax compliance criteria.
How can I track my stimulus payment?
Check your “My Account” regularly for updates on your payment status.