The Social Security Administration is about to start sending the first payments with a 3.2% COLA increase. Even if there are a few weeks left to cash the first disability benefits checks with the 2024 COLA boost, time flies.
December 29 is just around the corner and it will be the first payment with the Social Security rise. However, SSDI beneficiaries will have to wait until January 2024 to cash their new amounts.
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Those people with a disability on both SSI and SSDI will start collecting their money on December 29. Supplemental Security Income cannot be sent on January 1 because it is a holiday, so it will be sent in advance and in 2023.
WHAT WILL BE THE AVERAGE DISABILITY BENEFITS CHECK IN 2024 FOR THOSE ON SSDI?
Americans receiving Social Security Disability Insurance will not cash their COLA increase until January 3. If you are getting an average payment, your SSDI will become bigger.
As a matter of fact, the disability benefits payments will be $1,537 in 2024, up from $1,489. Therefore, recipients can get an average increase of about 48 dollars. Undoubtedly, it will be a disappointment if you think about the 2023 COLA boost by Social Security.
It was such a high increase that it is going to be really difficult to get one like it in the next few years. Bear in mind that Social Security boosts are on average much lower than the 3.2% in 2024. So, it is going to be a little higher than the common 2% growth.
Families may get higher disability payments if spouses and children qualify for SSDI on the worker’s record. The last COLA fact sheet showed that workers with a disability and their families can get $2,720 on average.
HOW CAN I GET A LARGER SOCIAL SECURITY DISABILITY INSURANCE?
The Administration will ensure that all workers meet the requirements to collect disability benefits. Apart from having a qualifying disability, you must have paid enough taxes to SSA. In order to get a larger SSDI payment, you must have worked for at least 35 years.
What is more, you must have been a high earner. Those who always earn the taxable maximum will end up getting the largest payments. The thing is they must file for Social Security as late as possible, just like in retirement. Having a disability prevents you from being able to choose the filing date though.
So, it is a clear disadvantage for those who retire and can choose early or late retirement. Those citizens who have worked all their lives but have not paid any taxes, cannot claim Social Security.
Therefore, it is of vital importance to make sure that your employer is paying the right amount of taxes. Download a Social Security statement and you will be able to see your eligibility for both retirement and disability benefits. Survivor benefits are another thing you can have a look at in your annual statement.