Comparing the April payments in 2023 to the ones in April 2024, Social Security has brought big changes. Bear in mind that the largest retirement benefit was $4,555 in 2023.
SSDI payment was as much as $3,627. Therefore, the COLA boost has been much bigger for those who receive the largest benefits in 2024. Higher than 3.2% indeed. For your information, the maximum benefits are now $4,873 for retirees and $3,822 for SSDI recipients.
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SOCIAL SECURITY WILL GIVE $318 AND SSDI $195 MORE THAN IN 2023 FOR THE LARGEST BENEFITS
Thanks to the COLA boost, those who are eligible for the largest benefits in April 2024, they receive $318 more than in 2024. That amount is not so high for average retirement payments.
However, if you get an average payment of $1,910, you are receiving about $59 extra than in April 2023. SSDI recipients who get the maximum benefits will get $195 more than in 2023.
Even if they do not qualify for so many dollars as retirees, they will get about 48 dollars more than in April 2023. If your payment is average, your SSDI will be worth about $1,537.
SOCIAL SECURITY AND PAYMENT ELIGIBILITY
Retirees and disability recipients whose birthdays are from 21-31 will collect Social Security on April 24. Do not forget that this payment is not for you if you have been on benefits before May 1997. Thus, your next payment will be in May.
If you are on Social Security retirement or disability insurance before May 1997, your next payment will be due on May 3. May 3 will also be your payday if you get SSI at the same time as retirement or disability (SSDI).
Supplemental Security Income (SSI) recipients will collect two payments from Social Security in May 2024. May 1 and May 31 will be the next SSI paydays for May and June. The rest of the SSDI and retirement benefits will arrive on May 8, 15 and 22. If your payments are too low, apply for SSI and SNAP.