The Social Security Administration (SSA) has made an important announcement for disability benefits recipients. In fact, they will be able to cash more money per month.
For your information, there is an annual adjustment to increase disability benefits when there is inflation. But, regardless of the type of your Social Security payment, you will benefit from this increase.
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So, a 3.2% increase will be for those on retirement, SSDI disability benefits, and SSI, among others. This boost is not as high as the one in 2023. Do not forget that it was an 8.7% rise.
How much money will those beneficiaries with a disability receive on SSI?
If you do not qualify for SSDI (Social Security Disability Insurance) and you have a disability, you may collect monthly payments from Supplemental Security Income or SSI.
Supplemental Security Income is only for those people with a disability or blind who have a low income. Seniors may also qualify. The maximum amounts are the following ones.
For example, if you are an essential person, the largest check is $458 in 2023. The 2024 SSI payments will include the 3.2% increase and they will cash up to $472.
A couple that qualifies for SSI may receive up to $1,371 this year. Next year, they could get up to $1,415 if they are still eligible. Getting married, having a higher income and other factors may make you ineligible.
A single person on SSI can collect up to $914 in 2023. The new maximum amount will be $943 in 2024. So, these are the new and current maximum amounts if you are on this benefit.
How much will those on SSDI disability benefits receive?
If you are on Social Security Disability Insurance you can also collect a 3.2% more. The maximum amount for 2023 is $3,627 and with the COLA increase, it will become $3,822.
On average, a person on SSDI may get about $1,486 as of September 2023. A 3.2% increase would mean collecting a payment worth $1,533. The more money you get from Social Security, the more dollars you will receive, but when will Social Security send the new COLA?
December 29 will be the first day when the Administration will send the COLA boost to those on SSI disability benefits. Even if they receive their money in December, this payment was supposed to arrive on January 1.
What is more, only SSI beneficiaries will be able to receive their increase in 2023. The rest of the SSDI beneficiaries will have to wait until January 3, 10, 17, and 24 to cash their new check with the COLA boost.