SSI, SSDI, VA Payments Increase by $301 per Month in July 2024: US Social Security payments will increase by $301 per month in July 2024. All beneficiaries who receive monthly payments from programs sponsored by the Social Security Administration, such as SSI, SSDI, and VA, are eligible to receive $301 per month in enhanced Social Security benefits this month.
So, if you live in the country and want to receive an additional $301 per month payment from the government agency, read this article.
In this article, we will share the latest information from the IRS on Social Security payments, including the increase in the $301 payment. USA, who is eligible to receive the increased Social Security payment in July in the USA, how to apply for the $301 monthly increase, and more.
SSI, SSDI, VA Payments Increase by $301 per Month in July 2024
The US federal government is expected to increase monthly payments of Social Security benefits for the elderly and low-income earners. The cost of living has risen by up to 3.2% this year, which has had the greatest impact on vulnerable groups in society, including low-income earners, people over 65 and people with disabilities.
Therefore, you will receive a monthly payment from the SSA department. Beneficiaries can use this 2024 $301 per month increased payment for personal expenses such as: rent, paying medical bills, buying household goods, groceries, etc. Many financial reports and authorities suggest that the government will increase beneficiaries’ social security payments by up to $301. However, the 2024 $301 per month SSI enhanced payment is only available to citizens who meet certain eligibility criteria for IRS-sponsored SSI payments.
Who is eligible to receive the $301 per month increased payment for SSI, SSDI, and VA in July 2024?
In this section, you can check the following eligibility criteria for the 2024 SSI SSDI VA Increase of $301 per month. Or you can visit the official IRS website to find more information about eligibility.
- Only US citizens are eligible to receive monthly social security payments.
- The applicant’s age must be 65 years or older, as only senior citizens are eligible for social security payments.
- If you are a low-income earner in the country, you can also apply for the payment accordingly.
- To receive monthly payments, the beneficiary must reside in the country for a certain period of time.
- Monthly social security payments in the United States are determined by monthly investments during employment at a young age. Depending on the amount invested, you will receive a corresponding pension.
Payment date of the $301 per month increase payment: July 2024
Social security payments in the United States depend on the applicant’s date of birth. The IRS specifies that SSI, SSDI, and VA payments are made on Wednesdays of every month. Social Security payments for July 2024 will begin on the second Wednesday of July, with the first payments going to those born between the 1st and 10th of each month.
After that, those born between the 11th and 20th of each month will receive a payment on the third Wednesday after their death. The fourth Wednesday will be for beneficiaries born between the 21st and 31st. The above structure is for those who received a payment from the IRS as part of their Social Security payment since 1997.
If you received your pension early, it will be paid in the first week of July. However, if you are in the United States and are waiting for the $301 payment increase, you will have to wait for the approval of the Federal Government. This is because the $301 monthly increase in Social Security payments will be automatically deposited in the beneficiaries’ bank accounts once it is announced by the IRS. The increased payment amount will be $301.