Due to recent economic challenges, the government has increased the Cost of Living Adjustment (COLA) by 3.2%. This change will also affect Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) benefits,
leading to an expected 8.2% increase. Seniors may see an increase in their monthly payments, with some receiving an extra $638. Here’s everything you need to know about this new benefit.
What Are SSI and SSDI Benefits?
Social Security benefits are provided through tax returns and managed by the IRS and federal government. These payments are based on the income and tax credits from the best 35 years of your employment history and are usually given after retirement.
- SSI (Supplemental Security Income): Provides financial support to individuals with low income and limited resources, often seniors and people with disabilities.
- SSDI (Social Security Disability Insurance): Offers financial assistance to people with disabilities who are unable to work. It includes extra help for those needing daily care due to severe disabilities.
Details of the $638 Increase
The $638 increase will be added to the monthly checks for those receiving SSI and SSDI benefits. This extra money will also be given to individuals who receive additional support for disabilities. The amount you receive depends on your personal financial situation.
Approximately 3 million people are expected to benefit from this increase. If you don’t see the extra amount in your next payment, make sure your details are updated in the “My Account” section to avoid delays.
Who Is Eligible for the $638 Extra Benefit?
To qualify for the additional $638, you must meet the following criteria:
- Age Limit: You must be retired, with the minimum retirement age set at 65. Seniors over this age will receive the increased amount.
- Residency: You must be a resident of the USA. Property owners need to provide tax returns and documents proving residency.
- Income Limit: Only individuals and families with incomes below a specific threshold are eligible. Income limits vary for each person under SSI and SSDI, with concessions for those with impairments.
Important Information About the $638 Increase
Seniors should expect the increase to appear in their next month’s deposit. Monitor your “My Account” for updates regarding the benefit amount. Authorities will notify you a few days before any changes.
The extra money will be deposited directly into your account. If you choose to receive a check, there may be a delay depending on your location.
For changes to your address or contact details, update them through “My Account” or call the official helpline at 1-800-772-1213 during working hours.
The $638 increase will provide significant financial support, helping seniors manage bills and daily expenses more comfortably. Ensure you meet the eligibility requirements and keep your information updated with the IRS for a smooth process.
1. When will I start receiving the $638 extra benefit?
You should see the increase in your next monthly payment. If not, check your “My Account” and update your details if necessary.
2. How do I know if I qualify for the $638 increase?
Eligibility depends on your age, residency, and income level. Ensure you meet these criteria and check with the IRS if you’re unsure.
3. What should I do if I don’t receive the extra money?
Check your “My Account” for any updates. If you still don’t see the increase, update your personal details or call the helpline at 1-800-772-1213.
4. Can I receive the extra money by check instead of direct deposit?
Yes, but there might be delays with check payments based on your location.
5. How can I update my address or contact information?
Update your details through “My Account” or by calling the official helpline during working hours.
