Disability beneficiaries can be entitled to 2 different types of Social Security benefits. So, it will depend on whether you are receiving Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI).
Some Americans may be eligible for both of them at the same time. Do not forget that to get SSDI you must meet the strict definition of disability set by the Administration, have worked, and paid enough taxes to SSA.
Therefore, SSDI is not for everyone who simply has a qualifying disability. Having paid enough payroll taxes is essential. That is why is so important to make sure your employer pays the right amount of taxes. If you spot any mistakes, you can report them to correct them once you check your annual statement.
HOW WILL SSDI BENEFITS CHANGE IN 2024?
The Social Security Administration will increase SSDI benefits by 3.2%. Then, the payments will grow by about $48 on average. That means that people on SSDI will get in just one year about 576 dollars in total.
If your payment is larger than average, you will end up receiving more dollars. For example, if your check is worth 2,000 dollars, your January payment will be $2,064. Or if you earn 2,500 dollars in 2023, it will turn into $2,580 in 2024.
Apart from that, the Social Security Administration has changed the disability thresholds. Substantial Gainful Activity will be $1,550 per month (non-blind) and $2,590 per month (blind). These amounts are up from $1,470 and $2,460 respectively.
The Trial Work Period threshold for people with disability has also gone up. While it is $1,050 in 2023, it will become $1,110 per month in 2024. So, make sure you are aware of all these upcoming changes in 2024.
SSI CHANGES THAT AFFECT PEOPLE ON THESE DISABILITY BENEFITS
If you are just receiving SSI (Supplemental Security Income), or SSDI at the same time, you will also get a 3.2% boost. Millions of Americans will receive 3.2% more per month regardless of their Social Security benefits.
For example, if you are on SSI because you have a qualifying disability, you will receive up to 29 dollars more per month. That amounts to 348 dollars in 12 months. Undoubtedly, if you get SSI and SSDI, you will get a lot more every month.
A single person on SSI can just get up to $943 in 2024. Essential persons get up to $472 in 2024 and married couples up to $1,415. So, depending on your personal situation, you can get one amount or the other.
For your information to get a larger Social Security payment you must aim high. In fact, your goal must be to earn as much money as possible. Those who earn the taxable maximum for 35 years and file late could get up to $3,822 in 2024, up from $3,627 in 2023.