At least 71 million Americans will receive a 3.2% increase in their Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) payments in early 2024. This is expected to take effect in early January 2024.
The maximum federal amounts for monthly SSI benefits in 2024 will be $1,415 for eligible individuals who have an eligible spouse, $943 for eligible individuals, and $472 for essential individuals.
The maximum monthly benefit payment for SSDI in 2024 will increase by $195 beginning in 2023. The maximum monthly SSDI benefit check in 2024 will be $3,822 per month (up from $3,627 in 2023) for eligible individuals. Disabled workers will see their average monthly SSDI check increase by $48, from $1,489 (2023) to $1,537 (2024), starting in January 2024. These increases are to help offset the cost of living increases that have occurred in recent months. .
The SSA’s annual cost-of-living adjustment (COLA) offers disability benefit recipients a buffer against rising prices. This means that disabled people collecting SSDI or SSI will get a 3.2% increase in their monthly benefit checks in 2024. SSDI and SSI are the two types of disability benefit programs (and monthly payments) that the U.S. Administration The United States Social Security (SSA) offers to people who have a serious health problem that prevents them from continuing to work.
The COLA tracks any changes in consumer prices throughout the year. Any increases in consumer prices are applied to disability benefit amounts. As of September, more than 7.4 million workers were receiving SSDI, making up approximately 11% of all Social Security benefit recipients. According to the SSA, the average SSDI benefit payment for a disabled worker will increase by $48 per month starting in January, going from $1,489 per month in 2023 to $1,537 per month in 2024, thanks to the 2024 COLA.
Since disability benefits are available to disabled people who cannot work, SSDI recipients must meet the SSA income limit for benefits. This income limit is called “substantial gainful activity” (SGA). It exists to ensure that only people who truly need disability benefits get them. As such, SSDI recipients whose income exceeds the SGA limit may lose their SSDI eligibility.
The SGA limit changes each year based on something called the National Average Wage Index. The National Median Wage Index is how the SSA measures historical wage trends in the U.S. Almost all SSDI recipients will have the ability to earn money up to a maximum limit of $1,550 per month (up from $1,470 per month in 2023) working in 2024 without risking your benefits. However, this limit is higher for blind SSDI beneficiaries. Blind SSDI beneficiaries will have the ability to earn money up to a maximum limit of $2,590 per month in 2024, an increase of $130 from the limit of $2,460 in 2023. SSA typically sends SSI benefit checks to ensure its arrival on the first of each month. However, this changes when the first of the month falls on a federal holiday weekend. As such, SSI recipients can expect to receive their first COLA-driven SSI payment of 2024 on Friday, December 29, 2023, as Monday, January 1, 2024 is a federal holiday.
More information about COLA increases can be found on the official SSA website. Here is a link to the SSA COLA page: https://www.ssa.gov/cola/.
This government source is the most accurate and reliable when requesting information about eligibility and rates for SSDI and SI benefits for 2024.
Since 1975, Social Security benefits have been subject to automatic cost-of-living adjustments tied to price increases, so that payments received by SSDI and SI beneficiaries reflect changes in the cost of goods and services in the current market.
Disability benefits increase when the cost of living increases. These changes are evaluated and quantified by the Consumer Price Index (CPI-W) of the Department of Labor. When inflation increases, the CPI-W increases, leading to an increase in the cost of living. This change represents the reality that, on average, the prices of services and goods have increased. The cost of living adjustment (COLA) helps offset this increase in costs. As soon as the CPI-W increases, the SSA determines how much the annual adjustment should be for the next year.
Ultimately, this change is important because it ensures that people receive enough money to make a living.
The SSA has announced that benefit checks will increase by 3.2 percent in 2024. This 3.2 percent adjustment is equivalent to a $59 increase in monthly benefits for the average retired American worker receiving Social Security, as well as for those who receive disability benefits. This increase will begin in January 2024. The average amount for retired workers should increase from $1,848 to $1,907. For a couple where both members are eligible to receive benefits, the payment will increase from $2,939 to $3,033, an increase of $94.
The SSA has linked cost-of-living adjustments to the Consumer Price Index for Urban Wage Earners and Office Workers (CPI-W) since 1975. More specifically, comparing the CPI-W for the third quarter of this year with the CPI-W of the third quarter. For the previous year, the SSA can determine the COLA for the following year. The COLA is subsequently modified by the SSA, taking into account the variation of the CPI-W between consecutive years.
The average Social Security benefit will increase in 2024. This will include benefits for people such as the disabled, widowers and widowers. According to the SSA, the average widowed mother with two children will see an increase from $3,540 (2023) to $3,653 (2024).
Similarly, elderly widows and widowers living alone will see their benefits increase from $1,718 (2023) to $1,773 (2024). Finally, disability benefits for disabled workers who have a spouse and one or more children will increase in 2024 from $2,636 (2023) to $2,720 (2024).
More than 71 million Americans will benefit from SSI and Social Security benefit payments, which will increase by 3.2% in early 2024. 3.2% is the annual COLA (cost of living adjustment) for 2024 As the cost of living increases, the federal government’s benefits are also expected to increase (by law). The cost of living is evaluated by the CPI-W.
The 2024 COLA increase will take effect for SSDI benefits in January 2024. This increase will take effect for SSI payments on December 29, 2023 because that is the date SSI recipients will receive their January 2024.
Throughout the month of December, SSA will be mailing COLA 2024 notices. If you haven’t received yours yet, you can view your COLA notice online through your personal account my social security account.
Most disability benefit recipients can view their COLA notices online. COLA notices can be found by visiting the “Message Center” of your my Social Security Account if you created your account before November 14, 2023. You can also choose to receive notifications about future COLA notices that will be available online via text messages and emails through your my Social Security account portal.
my Social Security is a convenient and secure way for Social Security beneficiaries to receive updates from SSA (including their COLA notices). Additionally, you can save these messages online to read them later in your account. You can also use your account to manage your benefits and much more!
Given the ease and security of my Social Security account, you may also consider opting out of receiving SSA information that is available online by mail. You can register for a my Social Security account online at any time.
The economic outlook has shown rising inflation, which means an increase in the cost of living for everyone, from those in secure, well-paid jobs to those too disabled to work and forced to rely on disability benefits. To alleviate the effects of inflation, it is a sound economic move by the federal government to increase retirement benefits, SSDI and SI payments.
Generally, those who receive SSI or SSDI benefits will be able to relax for a while when they take advantage of disability benefit increases. To take advantage of these unexpected increases, you should make sure you stay informed about changes to Social Security.
To find out exactly how much money you will receive each month starting January 2024, use our Disability Calculator.
