SSDI is the Social Security Disability Insurance. These monthly payments are only for those who meet the strict definition of disability. What is more, they must have earned enough Social Security work credits to be eligible.
Every year, the Social Security Administration makes sure that SSDI, SSI, and retirement beneficiaries get an adjustment. In this way, they can collect more money each month.
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It was last month, on October 12, when Social Security announced that all SSA beneficiaries, including SSDI, would get a 3.2% increase. Comparing the 2024 figure and the one from 2023, you can tell that there is a big difference.
How much money could I get if my payment is worth $1,500?
If you have an SSDI payment of about $1,500, you will benefit from a 3.2% increase too. That means you will receive about 48 dollars extra per month. In just one year, you will receive about 576 dollar extra.
A Social Security beneficiary with a check worth $1,000 will just get 32 dollars extra per month. As you can see, even if the increase is the same percentage for all recipients, the amounts are different.
The larger your payment is, the higher the COLA may seem. As of September 2023, the average payment was $1,486. In this case, your check will be about $1,533.
SSDI beneficiaries who get $2,000 per month will get $2,064 thanks to the 2024 COLA boost. Very few Americans can get $3000, but it is possible since the maximum amount is $3,627 in 2023. So they can receive $3,096 in 2024.
When will SSDI beneficiaries receive the 2024 COLA?
If you are on SSDI you will not get the COLA increase for 2024 until next January. Therefore, you will not receive the 2024 COLA in December. The paydays for the 2024 COLA in January are the following ones.
The first payday for disability benefits will be on January 3, 2024. This is only for those whose benefits started before May 1997. The rest of the possibilities will be on January 10, 17, 24.
It will depend on the day of your birthday to cash SSDI checks on the second, third, or fourth Wednesday in January 2024. If you are on SSDI and SSI, it is a different story.
SSI beneficiaries will get the 2024 COLA boost on December 1. This is an advanced payment from January 1. The maximum amount after COLA is 943 dollars for a single beneficiary.
Married couples on SSI will collect up to $1,415 on December 29. Essential persons will also receive their COLA boost on December 29. Their new amounts are $472. If you are on SSDI but have a very low income, apply for SSI and get more money. SNAP is another possibility to have more money for food.