2024 SSI & SSDI Expansion Act: Who Qualifies and How Much Will They Get?

The US government will further extend SSI and SSDI benefits into 2024. Now, with the SSI SSDI Extension Act of 2024, this is such an extension of benefit allowances, which may be increased to $50 or more starting in January 2024. Cost-of-living adjustments change the federal benefit rates, and the CPI does so partially through this inflationary climb.

Under the Social Security Expansion Act of 2024, they are increased by $200 monthly. Numbers extrapolated by the SSA estimate that could be payments that increase by 3.2%. That takes it up an additional $59 a month if averaging the amount of a Social Security payment. Social Security Extension Act VA, SSDI And is also beneficial for senior citizens receiving SSI benefits.

All these forms of help are provided in accordance with the needs of an individual, and those of their families. There is a package designed for seniors who are eligible to benefit from SSI alone because it caters by paying for their basic monthly needs, such as rent, utilities, property taxes, and house maintenance.

On SSI, senior beneficiaries are entitled to receive a fixed amount with an addition to their old age pension. Want to learn more about the eligibility criteria 2024 regarding both SSI and SSDI? Continue reading this post for other crucial information regarding what it is and how it works.

SSI, SSDI Expansion Act 2024

Social Security provides incentives and success for beneficiaries to receive their benefits on time and in the right amounts. It gave a better way of life, saving millions of Americans from poverty. By extending the solvency of the Social Security Act by an additional 75 years, the Social Security Extension Act bill increases Social Security benefits on an annual basis.

This law uses the Consumer Price Index to calculate each senior’s spending trend. These bills increase taxes on income above $250,000 based upon the CPI. Besides allowing senior citizens to invest in a tax-free business or company, this measure increases their net income tax investment. Payroll taxes are also extended to income over $250,000, self-employment income and salaries. All of this contributes to the SSI, SSDI Expansion Act of 2024. Read on to understand this Act in more depth.

SSI & SSDI Eligibility Criteria 2024

The SSA will decide who will receive the larger amount based on the SSI and SSDI eligibility criteria 2024 you see below.

• The income of adults and children should be very low or negligible.
• An individual or couple must have low net worth in 2024 to be eligible for this larger payment.
• Each resource must exceed the $2000 and $3000 maximum levels for single individuals and couples respectively.
• The age of the person should be 65 years or more.

Social Security Expansion Act 2024

Act Name	Social Security Expansion Act 2024
Administrated By	SSA
Applicable in	USA
Program	Social Security Disability Insurance & SSI
Eligibility	Low-income people, old aged and disabled
Aim of Act	Increase the benefit payment amount
Category	Finance
Official Link	www.ssa.gov

Benefits Of SSI, SSDI Expansion Act 2024

The Social Security Extension Act has many benefits for senior citizens. The measure increases Social Security benefits and related taxes. The following are some of the benefits of this Act for veteran recipients of SSI, SSDI, and VA benefits:

• It increases the basic insurance amount for certain beneficiaries.
• This helps with the process of updating the COLA calculation.
• Establish new minimum benefits that certain low-income taxpayers can receive.
• Calculate monthly expenses for senior citizens using CPI.
• Adds special minimum benefits to each Social Security recipient, improving their benefits.
• Seniors may be eligible to receive the following benefits from SSI, SSDI, and VA.

Aim Of SSI, SSDI Expansion Act 2024

The Bill also provides the following additional benefits: 

• Increase the amount of security pension received by all Social Security recipients.
• Provide them with a long-term care service-based community and the comfort of home.
• Reauthorization of the Older Americans Act protects vulnerable seniors with a funding increase four-fold.
• This legislation thus possesses some very important functions for the older people in view of their high cost of living.

SSI & SSDI Payment Dates 2024

Particulars	$8000 SSI Payment Dates August 2024
Dates Of Birth From 1st To 10th	14th August 2024
Dates Of Birth From 11th to 20th	21st August 2024
Dates Of Birth From 21st to 31st	28th August 2024
Payee Qualified For SSI Prior To 1997	1st August 2024
A Payee Who Is Qualified For SSDI before 1997	2nd August 2024

SSI, SSDI Expansion Act 2024: Disclaimer

• This SSI and SSDI extension legislation has not passed for 2024.
• The proposed legislation was intended to increase the Social Security recipients by $200 per month or $2,400 per year.
• Even though it was re-introduced by Senator Bernie Sanders in February 2023, the bill has not gone to a vote and only reached the Senate Finance Committee.