Some SSDI beneficiaries are receiving their first disability benefit in February 2024. After the COLA increase, Social Security Disability Insurance can be 3.2% higher for most recipients.
However, if you have earned the taxable maximum and worked for 35 years, you may qualify for the largest SSDI benefit. If you are in this situation, you could receive up to $3,822, up from $3,627.
Therefore, SSDI recipients who qualify for the largest benefit receive $195 more than in 2023. Some disability beneficiaries may only get $48 extra per month after the COLA boost though.
SSDI AND FEBRUARY PAYDAYS FOR DISABILITY BENEFICIARIES
If you qualify for Social Security Disability Insurance, you can get your payment on February 21 or February 28. The exact date for your payment depends on your birth date. Even if the payment was yesterday, some may still receive it on Feb. 22 due to delays in processing the payment by their banks.
For example, those whose birthday is from 11-20 may receive their money on February 21. To get it you must have been on SSDI from May 1997 onward, but not before.
Another possibility is to cash the payment a week later. Hence, February 28 will be your birthday. The requirements are almost the same as for the Feb. 21 check. But your birthday must be from 21-31.
MARCH PAYMENT DATES FOR DISABILITY BENEFITS
If you have already received your February payments, you must be looking forward to getting your March check. SSI will be the first group of beneficiaries to receive their money.
SSI or Supplemental Security Income will be due on March 1. However, if you get SSI and SSDI at the same time, you may get Social Security on March 1 as well.
Instead of getting your money on March 3, your SSDI check will be sent in advance because March 3 is on the weekend. The rest of the payments will be due on March 13, 20 and 27. Payment amounts will also include the COLA boost as the January and February checks.
HOW MUCH WILL THE COLA INCREASE BE IN FEBRUARY?
Bear in mind that the COLA increase is the same for all the months. For example, if your payment was $1,000 in December 2023, your January or February checks are $1,032.
So, during 2024 all your SSDI payments will be the same. They all include a 3.2% increase. In general, the extra money from COLA is about $48 per month. Lower than the 59-dollar increase for retirees.
If you are a disability beneficiary with an average payment worth $1,489 in 2023 it has become $1,537 in 2024. SSDI who are on SSI have also seen their SSI benefits increase by 3.2%.
