When will the next round of stimulus funds for SSI, SSDI, SSA, and VA come out? Here’s what you need to know about the future two-time stimulus payments, including who can get them and how they will change your benefits.
2x Stimulus SSI, SSDI, SSA & VA Payments 2024
Together with the Treasury Department and the Social Security Administration (SSA), the Internal Revenue Service (IRS) is going to send out more stimulus funds. The goal of these payments is to help people with low incomes and people who lost their jobs because of the pandemic.
Expected Payments
It is expected that the fourth installment of the stimulus funds will be sent soon. The last payment was $1,200, but the next stimulus checks are likely to be much bigger because of inflation and the Cost of Living Adjustment (COLA).
What Is SSI, SSDI, and VA?
SSI (Supplemental Security Income) and SSDI (Social Security Disability Insurance) are social insurance programs that help eligible people, like retired, disabled people, and survivors, by giving them money.
Payment Breakdown:
- SSI:
- Individual: $1,848
- Couple: $2,939
- Disability Benefit: $1,489
- Survivor Benefits:
- Older Spouse: $1,718
- Widowed Parent with Two Children: $3,540
Paychecks are likely to go up in 2024, which will help seniors and people who are retiring this year. The new benefit amounts range from $1,848 to $1,489, based on how much the person made while working.
What Is a Stimulus Payment?
During the pandemic, people who lost their jobs were given stimulus payments to help them. The first amounts were $1,400 for each person.
The fourth payment should come out soon, and this time, the amount will likely be higher to help beneficiaries even more.
Increment After COLA Benefit
Because of higher inflation and other economic factors, the COLA adjustment has raised payments by 3.2% starting in 2024.
This change has an impact on the beneficiaries’ taxable social security and benefit credits.
Updated Payment Amounts:
- SSI:
- Individual: $1,907
- Couple: $3,033
- SSDI: $1,537
- VA Survivor Benefits:
- Older Spouse: $1,773
- Nominee with Two Children: $3,653
Eligibility Criteria
To be eligible for the increased stimulus payments, you must meet the following criteria:
- Previous Recipients: Applicants who received the first three stimulus installments are eligible for the increased benefits.
- Timely Tax Payments: Claimants who have been paying their taxes on time.
- Income Threshold: Individual taxpayers with an annual income below $75,000 qualify for the stimulus checks.
Also See:- 2 Very Big SSI & SSDI Changes Announced by Social Security
How to Track Your Payments
Many people who were supposed to get the new checks have already gotten them, based on when they were deposited. Remember to check “My Account” for any changes if you haven’t gotten yours yet.
Finally, the upcoming double stimulus payments will help qualified SSI, SSDI, SSA, and VA beneficiaries in a big way financially. Make sure you meet the requirements and keep your account up to date to get the most recent perks.
FAQs
When will the next payment from the aid plan come?
The fourth part should be out soon.
Who can get the extra money from the aid package?
People who have received it before, pay their taxes on time, and make less than $75,000 a year are all eligible.
How much does the extra SSI payment cost?
$1,907 for one person and $3,033 for two people.
How much will the COLA change be in 2024?
An rise of 3.2% in benefits.
How do I keep track of my payment?
Always check “My Account” to see what’s new.