Anywhere in the United States, if we have a Disability (SSDI) check we can get a raise every year thanks to the COLA. The Social Security Administration increases benefits through the Cost of Living Adjustment that the United States Government announces every year in October.
Now that we know the exact increase in the COLA for 2024, we know the exact amount of each Social Security Disability Income (SSDI) check. And the best part is that it’s not just the Disability check that is going up, but every other benefit. So just by having a Social Security check, we already know that we will get extra money starting in January 2024.
This Social Security payment, whether it is for disability or another type of benefit, will increase by a total of 3.2%. This is the COLA announced for 2024. While it admittedly does not seem very large when compared to the 8.7% COLA for 2023, it does seem sufficient to deal with the inflation of the last few months.
Regardless of what the COLA is, since it is something we cannot control, the important thing is that we can calculate what our benefit will be as of January. Adding 3.2% to our check will give us the final amount that we will begin to receive in 2024 thanks to the COLA.
WHAT WILL THE MAXIMUM DISABILITY BENEFIT (SSDI) BE WITH THE COLA 2024?
Each citizen will have a different increase, but the maximum increase is the same for All United States citizens. If we have a maximum disability benefit of $3,627 in 2023 the check will go to $3,743 per month. The difference is approximately $116.
The same calculation can be done for all Social Security checks. We just need to add 3.2% to our current benefit. With that calculation we will get the check we will cash starting with the first of the 2024 payments.
On an average disability benefit check of $1,888 per month we will get a benefit of $1,948. While this may not seem like a big difference on a monthly basis, calculating the annual difference makes a huge difference.
In general, getting one of these benefits is always a relief for Americans, but getting, in addition, a little extra money every month is also an extra relief. On top of that, remember that it’s not just Social Security Disability (SSDI) or Age Retirement checks that will increase in the coming year.
Other benefits such as SNAP Food Stamps or Supplemental Security Income will see a 3.2% increase. Each citizen will have a different increase depending on the check they are currently collecting. So by doing a simple calculation you will be able to know what benefit you will get.