Get various details on $1489 Or $1848 Stimulus Checks? IRS Approved Stimulus Checks for Retirees, Are You Eligible? from this article. Various information regarding $1489 Or $1848 Stimulus Checks? IRS Approved Stimulus Checks for Retirees, Are You Eligible? and other relevant things are mentioned in this article.
$1489 Or $1848 Stimulus Checks?
As the IRS and other governments have previously stated, there won’t be any more stimulus checks coming in 2024. The checks, $1489 or $1848, are actually the Social Security benefit payments for 2023, not for stimulus payments.
This means that these amounts are actually the Social Security Benefit amount, not stimulus checks. As we know, Social Security benefits are generally claimed on the disability basics and retirement basis; therefore, only those who qualify for these benefits generally get this payment.
IRS Approved Stimulus Checks for Retirees, Are You Eligible?
IRS has not approved any stimulus checks for retirees. The only benefit that the retirees might be getting is from Social Security, provided they qualify for them.
All retirees can get about $1848 per month from Social Security, whereas all disabled workers can get about $1489 per month from Social Security.
Although these benefits are for Social Security, they are applicable for the 2023 benefit year. These amounts will further change in 2024. This means that people who receive $1848 per month will now receive $1907 per month from Social Security in 2024.
Similarly, retirees who were receiving $1489 per month will receive $1537 per month from Social Security in 2024. These increments are based on the cost of living adjustments for 2024.
People who believe that these checks are for stimulus payments are wrong. If the IRS approved any Stimulus checks, they would have made an announcement about it on their authorized website.
This clearly implies that people shouldn’t trust any random sources for information on government benefits. They should only trust the official sources of government for information and updates on any type of benefits.
Although the stimulus checks were stopped in 2021, some of the states still provided relief for their residents in the form of stimulus checks, tax rebates, and tax credits.
However, each type of state benefit had its own target population and eligibility criteria. If a person meets the income and residency criteria, they receive stimulus checks or tax credits from the state governments.
Are $1489 Or $1848 Stimulus Checks Coming?
These amounts will be coming, but they aren’t part of any stimulus payments. They are for Social Security benefits that are based on how well a person is insured. A person who has paid enough taxes on their earnings for Social Security is the one who meets the eligibility requirements for these benefits.
Please note that these Social Security Benefit amounts are average benefit amounts. This means that the actual payment that a retiree can get may be lower or higher than the average benefit amounts.
There are many things associated with Social Security that will increase in 2024 based on the COLA. People can check the information on these things by downloading the COLA Fact Sheet 2024 or from their my Social Security accounts.
The SSA will also send a letter to the retirees who are receiving the Social Security benefits. This letter will tell them about their new payment amount starting January 2024.
The Social Security retirement benefits are based on the age when people take their retirement. As we know, the circumstances and living situation of every person is different. Therefore, they can either decide to retire at an early age or they can decide to wait on it.
Waiting will mean getting more delayed retirement credits. However, such types of credits can only be earned after reaching the normal retirement age. A person can start their retirement benefits as early as 62. However, if they keep on delaying it till 69 years, they can get more credits that significantly boost the monthly checks.
A person shouldn’t delay any longer than 70 years, as they wont receive any further increments in their retirement monthly benefits from Social Security.
The benefits undergo adjustments each year according to the cost of living changes. There are many factors that can affect the changes in Social Security, such as CPI-W.
The Social Security Administration provides the calculation details about any adjustments made in the Social Security by them. This way, people can learn how their benefits were adjusted.
Nevertheless, people shouldn’t confuse Social Security benefits and tax rebates or tax credits with stimulus payments.