Social Security New Rules: At the end of the month, a modification to Social Security applications will take effect. Approximately 70 million Americans get Social Security benefits each year. Individuals, who meet specific qualifying standards, may also be eligible for Supplemental Security Income (SSI) if they are elderly or disabled.
One of the qualifying restrictions states that in order for Americans to be eligible for the benefits, their monthly income must exceed $1,971. But that guideline is a little bit shifting. Food benefits will not be taken into account when determining an individual’s eligibility for SSI beginning on September 30. This implies that eligibility for Social Security benefits will no longer be prohibited by initiatives like the Supplemental Nutrition Assistance Program.
According to Newsweek, Alex Beene, a financial literacy lecturer at the University of Tennessee at Martin, “the decision to not count food benefits towards eligibility will expand not just the amount of people who can receive SSI, but also potentially add support to those who already do. “Food has long been considered unearned income, which lowers the amount of SSI benefits recipients get. Some people who have previously had their benefits reduced will benefit from additional funding if it is removed from the eligibility calculation.”
Social Security New Rules 2024
- If food and housing benefits are deemed unearned income under current regulations, your eligibility for benefits may be lowered.
- New rules could allow more Americans to receive monthly benefits or raise the maximum amount current recipients can receive.
- With the recent adjustments to the food benefits rule, the average monthly SSI payout of $943 may increase. The increase in payments may have a significant effect on SSI recipients because, as of July, Americans were still experiencing a 2.9% inflation rate.
- Beene said that “In today’s economy with rising prices, this additional amount could be eliminated,”. “This is a big win for current and future SSI recipients.”
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Social Security Payments for Next Year
- This year’s Social Security income increased by 3.2% in accordance with the cost-of-living adjustment (COLA). Experts advised against expecting a COLA that is as large the following year, particularly for elderly and people with impairments.
- In order to account for inflation, the American Association of Retired Persons (AARP) estimated that the COLA for the upcoming year will be between 2.75 and 3.25%.
- Long before the reduced COLA was anticipated, economists expressed worries that the COLA’s present methodology did not fairly reflect seniors’ growing costs.
- “The appropriateness of the annual COLA for a particular retiree to maintain the same purchasing power as the previous year is highly dependent on the retiree’s personal circumstances, including expenses and other sources of income,” said Jonathan Price, national retirement practice leader at employee benefits consulting firm Segal, in a previous statement.
Fact Check
Rumors of specific Social Security Payments often arise from misunderstandings of existing government benefits or exaggerated claims made online. It’s important to rely on official sources for accurate information.
There has been no federal announcement in 2024 about Social Security Payments. Most Payments for government programs will vary based on individual circumstances, including income, work history, and eligibility. To avoid becoming a victim of misinformation, always verify claims through official government websites or consult a financial advisor.
