This April, a significant update is coming to Social Security benefits for retirees aged 65. Thanks to the annual Cost of Living Adjustment (COLA), eligible beneficiaries will see an $80 increase in their checks, a reflection of the 3.2% boost applied across the board in 2024.
Who Qualifies for the Additional Funds?
Not all retirees will receive the same increase, as it varies based on previous Social Security payments. However, the COLA benefits every retiree, having been put into effect since January 2024. To be eligible for this April’s bonus, recipients must:
- Have birthdays between the 1st and 10th of any month.
- Have applied for Social Security retirement benefits post-May 1997.
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Ensuring Your Payment
For those meeting the criteria, expect your enhanced check by April 10th. For the quickest access, ensure you’re signed up for Direct Deposit. This can be set up through the Social Security Administration website, providing secure and immediate access to funds.
The Social Security Twitter handle has also shared a tweet to check eligibility for payments and how to apply-
Calculating Your Bonus
Wondering about your check’s increase? It’s determined by a 3.2% rise from last year’s amount, in line with COLA. Thus, if your standard monthly check is around $2,500, anticipate an uplift inclusive of the $80 for April.
The Goal Behind the Increase
This adjustment is designed to help retirees manage the rising cost of living, ensuring Social Security benefits maintain their value over time. It’s part of broader annual COLA adjustments aimed at counteracting inflation.
Moving Forward
This April, many retirees will welcome the additional $80 in their Social Security checks—a testament to the ongoing adjustments made to support beneficiaries against inflation. To make the most of these and future increases, confirm your eligibility by reviewing the requirements and opt for Direct Deposit for faster payment access.
Disclaimer: This information is accurate as of [Month, Year]. For the most current information and personalized advice, please consult with a financial advisor or visit the Social Security Administration’s official website.