As with the recent updates, it has been reported that the social media accounts on various platforms have been suggesting an upcoming check in the US. This news is related to the Stimulus Checks which had been provided by the Federal US Govt. in all the US States to help the US residents with their basic needs. This was an important step which had been completed by the government, and not only that, the help which the US residents received from the US Stimulus Check Payments had also helped with the issues of poverty.
This was added to the other benefits which were also provided to the eligible US residents, and these included the increases in the childcare support, allowances, etc. The Stimulus Checks in the US have been one of the biggest payments made by the US Government to help the eligible Americans with their daily expenses, and this was done because in the months after COVID 19, the US States had seen a rise in the costs of basic essential goods and/ or services. As a result, there were 3 rounds of the Federal help in the US, which is to say that there has been a total of three Stimulus Checks in the US till 2023.
$2400 COLA Checks Deposit Date for Seniors
In the recent updates, it has also been mentioned that the increase rates for the year of 2024 are now out, and this rate is going to apply for benefits which include SSI, Social Security Benefits, Disability, Allowances, etc. This has been the much awaited news because in the first week of December 2023, it was announced that there are not going to be any more Federal Stimulus Checks in the US. This news had come after the social media posts of suggesting a fourth Stimulus Payment had gone viral.
Not only that, the social media posts had also mentioned that the fourth Stimulus was going to be paid before the end of December 2023. The Americans who have been in a waitlist for the increased payments by the US Government had been looking for more updates, and for this reason, it was announced by the IRS that there are not going to be any Stimulus Payments for now. But the eligible US residents have a good news, and it says that the State Stimulus Payments are on their way now, which will help the residents of Arizona, Alabama, Georgia, New York, Florida, etc.
$2400 COLA Check Deposit Overview
|Social Security Benefits
|Social Security Expansion Act
|Social Security Administration
COLA Direct Deposit 2024
There is more help coming in 2024 for the recipients of the US Social Security Benefits next year, and this is because there is a new update which tells about the COLA increase in the amounts. The COLA value has set that the 2024 increase in the Social Security Benefits to be a total of 3.2% from the 2023’s rise of over 8% in total. In the year 2024, it is expected that there is going to be more help from the US Government after The Social Security Expansion Act gets more support. The increase in payment can be tracked on the mySocialSecurity account online.
It was mentioned in the bill for The Social Security Expansion Act that the eligible Americans who are also getting their Social Security Benefits, and the people who have completed their 62 years before 2023 comes to an end, are going to get the increased benefits. This means the eligible Americans who are either 62 or more, or the Americans who are eligible and also receive their Social Security Benefits will get increased benefit for a total of about $200 every month, which is to say that there is going to be an increased benefit of about $2400 every year.
Track $2400 COLA Payment Increase
As mentioned, The Social Security Expansion Act is going to increase the amount which is received by the eligible US residents, and this increase is going to add an extra of $200 every month, or a total of about $2400 every year for those who qualify. It must be noted that The Social Security Expansion is going to increase the benefit amount for the members who have families with low earned incomes, the retired people and the Disability beneficiaries who qualify. This increase has been mentioned to be for a total of $200 every month, and the yearly benefit is going to include more people as of now.
This is to say that the increased $2400 extra benefits are going to include more people including the parents who stay at home, and the caregivers among others. This is important as the government is expected to spend more than 1 trillion dollars for the increased benefits after they include more people. Not only that, the disability status, income of the individual, etc. are also going to decide the maximum increase for which the individual is eligible after the benefits are expanded. For 2024, the 3.2% value increase is also awaited by many, and this is going to result in an average increase of the Social Security Benefit amounts for every eligible resident in the US by about $50.