Stimulus money may be available for Social Security recipients in January 2024. Individuals will get a $2,600 stimulus cheque via direct deposit from the government. Before getting this stimulus check, individuals must verify their eligibility on the IRS website (irs.gov).
2024 Promises Financial Relief: IRS Stimulus Checks and Social Security Increases for Americans
U.S. residents afflicted by the COVID-19 outbreak are receiving financial assistance from the IRS. Many American families received IRS stimulus payouts in 2023 during hard circumstances. Individuals are requesting greater support due to economic troubles.
For 2024, SSDI and SSI recipients have good news. As January approaches, millions of US seniors can expect a small Social Security payment rise due to a new cost-of-living adjustment (COLA). The 2024 Social Security COLA is 3.2% to offset increased food, gas, and other expenditures.
From January 2024, higher SSI benefits will be phased in. The first installment was scheduled for December 29, 2023, to accommodate January 1, 2024. Payments will begin on January 3 for beneficiaries 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.
READ ALSO: Florida SNAP Recertification: What is the deadline for recertification in January 2024?
Smooth Delivery of January 2024 Stimulus Checks and Social Security Increases
This financial aid is crucial for struggling families. The phased-in strategy aligns with the 2024 cost-of-living increase to provide money smoothly to beneficiaries.
Due to economic uncertainty and the need to support vulnerable groups, these January 2024 stimulus payments are a lifeline.
READ ALSO: January Stimulus Checks: What payments could you receive for the first month of 2024?