Receiving extra dollars every month is always positive and good news for anyone on SSDI. Regardless of the amount, taking advantage of some additional money can help you stretch your disability benefits.
It is time for millions of Social Security beneficiaries to receive their 2024 COLA boost. While SSI recipients and those on Social Security before May 1997 collected their COLA increase on December 29, 2023, and January 3 respectively, others on SSDI must wait.
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The next group of SSDI beneficiaries to receive the 3.2% COLA boost will get it on January 10. That means they can enjoy their new check in less than 24 hours. Disability benefits increase the same percentage as retirement checks.
WHO CAN RECEIVE THE COLA BOOST FOR SSDI PAYMENTS ON JANUARY 10?
All SSDI recipients will collect their COLA increase in January. However, to get it on January 10, 2024, your birthday must fall between the 1st and the 10th. Apart from that, there is another key requirement.
The next three SSDI payments, including the one on January 10, are just for people on disability benefits from May 1997 onward. If you started receiving Social Security payments before May 1997, your next check is due on February 2.
Do not worry if your birthday is from the 11th to the 20th because you may receive your benefit on January 17. So, it will just take one more week to wait for your disability benefits.
The last chance to get the 2024 COLA boost in January will be on the 24th. Remember that your birth date must be from the 21st to the 31 to get this SSDI check. Now, let’s have a look at the amounts.
AMOUNTS AND THE 48 DOLLARS EXTRA
The Social Security Administration has announced that the average SSDI payment is $1,537 in 2024. Therefore, if you get an average payment you will receive $48 more per month.
For your information, the average check as of November 2023 was $1,489. So, receiving this extra money can allow you to have an emergency fund worth 576 dollars if you save it for 12 months.
However, not all SSDI recipients can save it because they are on a very tight budget. Some workers who earned the taxable maximum for 35 years may qualify for a check of up to $3,822.
Spouses of workers with a disability on SSDI benefits may get about $420 after the COLA boost. So, they may get about 13 dollars extra per month after the Cost of Living Adjustment. If your disability benefit is too low, apply for SSI and SNAP benefits.