Families are eagerly awaiting stimulus funds in January 2024 to help them through tough times. Federally approved direct payments of $2,600 for eligible U.S. residents are projected to boost economic growth. Before receiving assistance, persons must verify eligibility at irs.gov.
2024 Social Security Boost: 3.2% COLA Phase-in Brings Financial Relief
The IRS provided much-needed financial support to American families during the COVID-19 pandemic in 2023. People are seeking alternate financial solutions as the economy remains shaky.
There is good news for SSDI and SSI recipients in 2024. A new cost-of-living adjustment (COLA) would boost Social Security income for millions of Americans. For 2024, the COLA is 3.2% to offset rising food, gas, and other prices.
January will start the 2024 3.2% COLA phase-in. To accommodate the New Year holiday, Social Security and SSI claimants should expect their first enhanced payment on December 29, 2023. Next payments are scheduled for January 3, for beneficiaries who began receiving benefits before May 1997, January 10, for those born between January 1 and January 10, January 17, for those born between January 11 and January 20, and January 24, for those born between January 21 and January 31.
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Economic Relief for Seniors: Social Security Boost and Stimulus Check Bring Hope in January 2024
Seniors suffering inflation and rising living costs embrace this Social Security increase. Beneficiaries receive their improved income quickly by staggered payment schedules, providing vital financial support at the start of the year.
With the $2,600 stimulus check and 3.2% COLA raise for Social Security and SSI beneficiaries, January 2024 promises economic respite for many. Direct payments and higher Social Security benefits are provided to help individuals and families with financial issues.
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