SSDI is part of the payments that Social Security has in the United States. These are disability benefits for those workers who are eligible. Of course, you must have a qualifying disability but having paid payroll taxes is mandatory.
The 2023 COLA boost was the highest in 40 years. Therefore, it is going to be really difficult to beat that figure in the next few years. Since SSDI beneficiaries received 8.7% more in 2023, there can be disappointment in 2024.
The Social Security Administration has recently announced that SSDI, SSI, and retirement benefits will increase by just 3.2%. Thus, the average amount that Social Security benefits will increase is by about 50 dollars from December 29 onward.
How much could SSDI beneficiaries receive thanks to the 2024 COLA increase?
Due to the fact that SSDI beneficiaries have different earning amounts, the amount of money you may receive can be larger or smaller. It will definitely depend on the amount you receive every month.
Those who worked for more years (up to 35), had more earnings, and paid more taxes will get more. For example, the maximum amount for SSDI is $3,627 in 2023. Very few can get that much money, since most get an average payment of just $1,486 as of September 2023.
So, if you earn $1,486, your increase will be about $47, reaching $1,533. Those who collect 1900 will receive 60 dollars extra. SSDI recipients who cash $2,500 can get about 80 dollars more per month.
If I get SSI and SSDI, do I get the two COLA increases?
As Social Security allows eligible beneficiaries to collect retirement or SSDI and SSI at the same time, you can enjoy two COLA boosts. However, as SSI (Supplemental Security Income) has smaller maximum amounts, it seems a smaller rise.
For example, if you qualify for $914 on SSI in 2023, you will get $943 if still eligible. In that case, you will cash 29 dollars extra per month. Compared to the 47-dollar boost SSDI recipients may get, there is little difference.
Married couples on SSI will also get more cash, from $1,371 they will be able to get up to $1,415. That means they could have 44 extra dollars per month. Do not forget that Social Security will inform you about the exact amounts you will receive.
Therefore, there is no need to worry because you can either get a notice or check it on your my Social Security account. It is important to know your future earnings because that will help you plan your monthly budget. Saving this monthly increase can allow you to get an emergency fund in 12 months worth more than 500 dollars. Visit SSA for more details.