3 New Direct Payments May 2024 For Social Security Coming: Know Payment Schedule & Eligibility

This article will discuss about the Three New Direct Social Security Payments for SSI, SSDI & VA beneficiaries is coming in May 2024. There are three major financial assistance programs, i.e. SSI, SSDI and VA benefits, offering monthly payments to the qualified low-income households.The implementation of these programs and distribution of Social Security payments is done under the supervision of the Social Security Administration. The 3 Direct Social Security Payments that are said to be coming in May 2024 are not new ones rather the regular monthly payments of SSI, SSDI and VA benefits.

3 New Direct Payments May 2024 For Social Security

The Three New Direct Social Security Payments to be delivered under the three Social Security programs are intended to provide a steady income source for economically vulnerable sections of the American society. These payments will be delivered only to eligible beneficiaries of:

  • Supplemental Security Income;
  • Social Security Disability Income; and
  • Veterans Affairs Benefits.

The SSI, SSDI and VA beneficiaries primarily include senior citizens, federal retirees and persons with disability along with their qualified dependents. However, the beneficiaries don’t overlap as the eligibility criteria are different for each program and a claimant can receive benefits under only one of these programs at a time.

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The exact amount to be delivered under these Three New Direct Social Security Payments may vary for each qualified recipient as per satisfaction of associated eligibility criteria along with some other factors which will be discussed in the article. The article will provide essential details associated with the Three New Direct Social Security Payments that are coming for SSI, SSDI and VA beneficiaries. The potential beneficiaries can use this information to be prepared for the qualification under their respective SSA program.

3 New Direct Payments May 2024 worth $227 to $1069: Overview

Title 

3 New Direct Payments May 2024 For Social Security

Country of Implementation

The United States of America

Associated Department

The Social Security Administration

Intended Beneficiaries

Senior Citizens, Federal Retirees and Persons with Disability along with their qualified dependents

Expected Amount

Up to $3822

Payment Frequency

Monthly

For More Information

www.ssa.gov

 

3 New Direct Payments May 2024 For Social Security Coming: Know Payment Schedule & Eligibility

What are 3 New Direct Payments May 2024 For Social Security?

  • The U.S. Federal Government has been providing Social Security Payments to the eligible low-income household, especially the ones with senior citizens, retirees and persons with disability, to take care of their monthly financial needs. The low-income households are usually struggling with their finances due to being relied on limited income sources and possess only very little resources to avail commodities and services for their essential necessities.
  • These Social Security payments are aimed at address this financial vulnerability of these households that is created because of inadequate funds. The Social Security payments are offering consistent financial assistance to these low-income households and facilitate availability of basic amenities by supplementing their purchasing power. The SSA programs, i.e. SSI, SSDI and VA, not only enable the low-income recipients in managing their essential expenses but also prevent them from resorting to money lenders.
  • The U.S. Federal Government has been supporting low-income households to achieve that very objective via SSI, SSDI and VA Benefits that are being administered by the SSA. These payments will be delivered directly in the qualified beneficiaries’ bank accounts. However the beneficiaries are given an option to receive their payments by post as well wherein the payments are delivered as physical checks at the registered address of the qualified beneficiaries.
  • The payments of these financial assistance programs are aimed to provide consistent source of income to meet the essential expenses on a monthly basis. However, in order to qualify as a beneficiary under the SSI, SSDI and Retirement benefits programs the claimants need to satisfy certain eligibility criteria.

Eligibility Criteria for 3 New Direct Payments SSI, SSDI and VA  

These financial assistance programs are funded by the U.S. Federal Government through the Treasury Department. Further, the Social Security Tax also is a source of funding that is levied, by the SSA, on the monthly earnings of the enrolled employees. The following eligibility criteria are to be satisfied for receiving benefits under SSI, SSDI and VA:

For Supplemental Security Income:

  • The claimant needs to either not have any income or earn only a little income, i.e. less than $1971/month for single. However this limit will be increased if claimant is applying as a couple or as a head of the household having qualified dependent children;
  • The claimant needs to have attained the age of at least 65 years;
  • The claimant who is suffering from any physiological or psychological disability, i.e. blindness;
  • The claimant has to have resources, i.e. market value of owned vehicle and bank account savings, less than:
i. $2000 – for single;
ii. $3000 – for couple.

For Social Security Disability Insurance:

  • The claimant need to have duly paid their SST contributions while being employed;
  • The claimant needs to be suffering from any disability or diagnosed with medical condition that is preventing their employ-ability, i.e. incapable to conduct a substantial gainful activity;
  • Such disability needs to be of permanent nature; or
  • Such medical condition needs to have persisted or is expected to persist for over a year; or
  • Such medical condition may cause death of the claimant;
  • The claimant has to get certified by an authorized medical practitioner for such disability or medical condition.

For Veterans Affairs Benefits:

  • The claimant need to have served in the U.S. navy, air force or military services as an active personnel;
  • The claimant hasn’t been dishonorably discharged from the service;

3 New Social Security Direct Payments Amount

Amount to be paid under the Three New Direct Social Security Payments

The recommendations made under Cost of Living Adjustments for 2024 are implemented in the January month of the upcoming year. This year the COLAs suggested an increment of 3.2% for all Social Security payments. Therefore the Three New Direct Social Security Payments for SSI, SSDI & VA beneficiaries

First Payment –
  1. For individual beneficiary – $943;
  2. For married couple – $1415;
  3. For Essential person – $472.
Second Payment –
  1. The monthly amount paid under SSDI varies as per the satisfaction of eligibility criteria and contribution made by the enrolled employee that can go up to $3822 in 2024.
Third Payment –
  • The monthly amount paid under VA benefits also varies as per their current annual income and Maximum Annual Pension Rate of the claimant. For instance, in the year 2024, a veteran having annual income of up to $10000 and MAPR of up to $32,729 will get a total annual pension of up to $22,729 or $1894 per month.

3 Social Security Payments Scheduled Dates

The payment of monthly SSA payments in May 2024:

  • For SSI Beneficiaries – May 1st;
  • For SSDI Beneficiaries – May 8th, 15th and 22nd;
  • For VA Beneficiaries get their monthly payments on the last working day of the month – May 31st.
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