4 Social Security Raises in 2024 – Learn How to Increase Your Benefits

By Ehsteem Arif

Published on:

Joe Biden

The US Social Security Administration (SSA) plays a crucial role in supporting the underprivileged and disabled through SSI and SSDI programs. In 2024, significant updates are expected for these programs, including notable raises that beneficiaries should be aware of. Let’s cut into the key elements of these changes.

The SSA has announced four Social Security raises in 2024, providing increased benefits for those who meet the eligibility criteria. This article will look into these raises, the eligibility requirements, and the application process.



In 2024, Social Security beneficiaries can expect an increase in their SSI and SSDI payments, driven by economic factors like the cost-of-living adjustment (COLA). This year’s COLA is set at 3.2%, impacting the overall benefits received by most Americans. This increase helps cover essential expenses such as food, medication, and bills.


Program Name4 Social Security Raises This Year 2024
OrganizationSocial Security Administration
ApplicantsUSA Residents
EligibilitySee below
Payment DateCheck Table Below
Payment ModeThrough Checks


To apply for a Social Security raise in July 2024, follow these steps:

  1. Visit ssa.gov.
  2. Download the application form online.
  3. Fill in the required details automatically populated in the form.
  4. Attach the necessary documents.
  5. Submit the completed form.
  6. The SSA will review your application and guide you on the next steps.
  7. You can also contact your local SSA office for assistance.


To qualify for the 4 Social Security Raises in 2024, applicants must meet specific criteria, including financial and age requirements:

  • Adults and children with little to no money.
  • Combined resources of a couple should not exceed $3,000; individuals should not exceed $2,000.
  • Senior citizens aged 65 or older.
  • Individuals aged 64 or younger who are permanently unable to perform basic tasks.
  • Disabled or blind individuals.

Payment Schedule

Here’s the payment schedule for Social Security benefits in July 2024:

ParticularsPayment Date
Birth Date 1st to 10th10 July 2024 (Second Wednesday)
Birth Date 11th to 20th17 July 2024 (Third Wednesday)
Birth Date 21st to 31st24 July 2024 (Fourth Wednesday)
SSI recipients before 19971 July 2024
SSDI recipients before 19973 July 2024

Social Security Changes

Recipients of Social Security income receive an annual cost-of-living adjustment (COLA) to help maintain their purchasing power as living expenses rise. In 2024, benefits increased by 3.2%, though predictions suggest a lower COLA for 2025 due to current inflation data.

Earnings Increase

Social Security beneficiaries can work and earn money while receiving benefits. However, exceeding earnings limits before reaching full retirement age (FRA) can result in withheld benefits.


Work Credit Requirements

To qualify for Social Security upon retirement, you need up to four lifetime work credits annually. The value of a work credit can vary, impacting eligibility.

Salary Cap Rise

Social Security funding primarily comes from payroll taxes. The taxable income amount is determined by an annual wage cap, which adjusts to ensure adequate funding for Social Security.


Knowing these changes and their implications is essential for beneficiaries. The SSA aims to provide better financial security and support for those in need, ensuring that eligible individuals can benefit from these increases.

2024 promises significant updates to Social Security, reflecting the ongoing efforts to adapt and improve these vital programs for the benefit of all.



What is the 2024 COLA increase?

The 2024 COLA increase is 3.2%.

How do I apply for SSA benefits?

Visit ssa.gov and follow the application steps.


Who qualifies for the raises?

US residents meeting specific financial and age criteria.

When are the July 2024 payments?

Payments are on July 10, 17, 24, and 1 for SSI and 3 for SSDI before 1997.


What is the new work credit value?

The value varies annually based on economic factors.


Disclaimer- We are committed to fair and transparent journalism. Our Journalists verify all details before publishing any news. For any issues with our content, please contact us via email. 

Ehsteem Arif

A tax law expert with a knack for breaking down complex regulations into digestible insights. Ehsteem's articles on the tax news blog offer invaluable guidance to readers navigating changes in tax legislation.

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