If you are new to disability benefits, you may not even know the possibilities you have. For example, you can be eligible for SSDI (Social Security Disability Insurance) or SSI (Supplemental Security Income) if you meet all the requirements.
Thanks to the 2024 COLA, there will be an increase of 3.2%. Therefore, disability benefits recipients who have been affected by skyrocketing prices will get some extra money every month.
But what are the maximum amounts for both SSDi and SSI? For instance, if you are on SSDi you can collect up to $3,627 in 2023. The largest amounts for 2023 will be 914 dollars (single) or 1,371 dollars (couples).
How will the 2024 COLA affect disability benefits?
As a matter of fact, disability benefits will become a little larger. They will just grow by 3.2%. Let’s begin with the new maximum amounts for 2024 thanks to the Cost of Living Adjustment.
Social Security has announced that the maximum amount for a single person on SSI will be $943 in 2024. Thus, a person who receives the largest check can collect 29 dollars extra every month.
Essential persons have a new maximum amount too for 2024. So, if you are an essential person on SSI you can receive up to $472. A married couple who qualifies can receive a lot more.
Couples on Supplemental Security Income will be able to cash up to $1,415 in 2024, up from $1,371. Hence, disability benefits will grow more than usual, but not as much as in 2022 and 2023.
New SSDI benefits amount thanks to the 2024 COLA
Currently, there are millions of Americans on SSDI disability benefits. As of September 2023, there were over 7 million beneficiaries. In fact, they are more than 11% of Social Security recipients.
#BREAKING! More than 71 million Americans will get a 3.2% increase in monthly #SocialSecurity benefits and #SSI payments in 2024. Check our blog for more information: https://t.co/2RWlgZ3CVz #COLA #2024COLA pic.twitter.com/y7F19zqFWz
— Social Security (@SocialSecurity) October 12, 2023
Since you need to have worked and paid taxes to the Social Security Administration to collect SSDI, amounts may not be the same for everyone. On average SSDI benefits will grow by 48 dollars.
Bear in mind that the average payment for these disability benefits is about $1,486 as of September 2023. Even if it is a lot more than the average SSI payment, it is lower than retirement benefits. Remember that any increase in your income may affect SSI payments.
The easiest way to begin your SSI application is to request an appointment to apply. You can request an appointment for yourself or someone you are helping. Learn more about this process in our video here: https://t.co/4Vs7D6MiX2. pic.twitter.com/aLB5qOCm1C
— Social Security (@SocialSecurity) November 4, 2023
So, make sure you inform Social Security of any earnings or work you do. Luckily, the Substantial Gainful Activity (SGA) level has gone up too. The new cap for SSDI is $1,550 per month for most beneficiaries and $2,590 for blind recipients.
