Unlike Supplemental Security Income (SSI) beneficiaries, those Americans on SSDI will have to wait longer for the 2024 COLA rise. Social Security will pay the new amounts on January 3, 10, 17, and 24 for those on the Social Security Disability Insurance.
This increase is thanks to the cost of living adjustment that Social Security calculates every year. SSDI, SSI, and retirement beneficiaries will receive 3.2% percent more every month.
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Inflation is making prices soar but it also helps benefits go up. Still, many Social Security beneficiaries feel that this boost is not enough. Even if it is much higher than the average COLA.
How much money will I get if I am on SSDI from Social Security?
Bear in mind that SSDI as well as retirement benefits amounts depend on your previous earnings, the number of years you worked, and the date you file. Therefore, there can be as many different amounts as recipients. On average, there will be a 50-dollar increase for all Social Security beneficiaries.
SSDI beneficiaries got an average payment of about $1,486 as of September 2023. Then, the approximate amount of money you could receive in January will be $1,533.
If you get $2,000 from SSDI, the 2024 COLA increase will make this payment a check worth $2,064. Very few beneficiaries on disability benefits may get $3,000 from Social Security.
If you have a disability, there are two programs from @SocialSecurity that may help: SSDI and SSI.
Understand the difference between the two and explore the programs to learn more: https://t.co/BeBcb3IqTg pic.twitter.com/oMZ4IgaZQT
— USAGov (@USAGov) February 5, 2023
If you manage to get $3,000 per month on SSDI in 2023, your new amount may be about $3,096. Do not forget that the maximum amount for SSDI is $3,627 in 2023. So, the 2024 amount will be much higher.
On the contrary, those who have a limited budget and a small SSDI check should do this. Have a look at the Supplemental Security Income or SSI. This is a payment to supplement Social Security Disability Insurance or retirement benefits.
Any household with a person who receives SSI is eligible to receive discounted internet service through the ACP. See if you qualify here: https://t.co/lcLsNPJLeM pic.twitter.com/PMg6DI0vZh
— Social Security (@SocialSecurity) November 2, 2023
So, you can collect both of them at the same time. To get SSI you must have a low income and a qualifying disability. The new amounts will range from $472 up to $1,475 in 2024 thanks to the new COLA. Read more about SSI and apply to enjoy all its perks.