Disability benefits are of great support to millions of Americans who have already received them. Social Security Disability Insurance (SSDI) payments can be worth up to $3,627 in 2023.
However, this will be over soon since there will be a new maximum amount for 2024. From January 3 onward, the new maximum amount for disability benefits will be $3,822.
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After the 3.2% COLA boost, SSDI benefits will be higher. Disability benefits may not be as high as retirement benefits. Bear in mind that a disability can prevent you from working and from paying more taxes to Social Security. So, this can reduce a great deal the amount of your monthly checks.
SSDI PAYMENTS IN JANUARY 2024
The Social Security Administration (SSA) has revealed the new paydays for those citizens on disability benefits. The first payment for SSDI beneficiaries on Social Security after or from May 1997 will be January 10. Of course, as long as they meet one requirement.
The requirement the Administration has set to collect an SSDI payment on January 10 is to have your birthday from 1-10. Therefore, if you started receiving benefits after May 1997 and your birthday is on one of the first ten days of the month, this check will be yours.
Some disability benefits will not arrive until January 17. This is because this group of SSDI recipients must have their birthday from the 11th to the 20th. Otherwise, they cannot cash this payment. The last SSDI check will be for those whose birth date is from 21-31.
Therefore, they will not receive their SSDI checks until January 24, 2024. If you started collecting SSDI benefits before May 1997, your payday will be on January 3. So, you do not belong to the Wednesday payments group. SSDI arrives for some on the second, third, and fourth Wednesday of the month.
DISABILITY BENEFITS & NEW AMOUNTS IN 2024
Those who receive disability benefits can get average payments worth $1,489 in 2023. After the Social Security increase, their monthly SSDI benefits will grow a little bit.
It is true that this increase will be lower than in 2023. The 8.7% COLA boost from 2023 was the highest in 4 decades, so it is not something frequent. Social security usually increases benefits by 2%.
That is the average COLA boost, so the 2024 COLA boost is not that bad. The thing is, the higher your disability benefits the more money you will get after the COLA increase.
If your SSDI benefits are too low and your financial situation has worsened, apply for SSI. They are also disability benefits and they are a supplement for those who receive retirement or SSDI payments.