SSDI Recipients Will See A Cost-Of-Living Increase In 2024

In 2024, every SSDI beneficiary will see another welcome increase in their monthly benefits due to the new cost-of-living adjustment (COLA). With rising prices and an increasingly challenging economy, a slightly bigger monthly disability payout will help recipients in need. Learn more about the COLA and when you should expect your monthly payout to increase.

Why Do Benefits Go Up Each Year?

Every year, the Social Security Administration (SSA) determines a cost of living to help SSDI and SSI beneficiaries keep up with inflation. To do this, the organization tracks changes in consumer prices to ensure that benefits can help recipients handle rising pricing. A yearly adjustment is crucial, especially when there’s high inflation, as we’ve seen in recent years. It helps maintain the purchasing power of SSDI and ensures recipients can afford a decent standard of living even if prices go up.

How Much Will Your Benefits Increase In 2024?

For 2024, expect a 3.2% increase in your monthly benefits. Since inflation hovered around 3.3% this year, the adjustment is substantial enough to provide meaningful support during these challenging economic times. For example, if you currently receive an average monthly SSDI benefit of $1,489, it will rise to approximately $1,537. This increase will help you manage the rising costs of goods and services without any issues.

When Can SSDI Recipients See The COLA Adjustment?

You can see the new COLA take effect in January 2024. However, up to 7.5 million recipients will get the increased payment as soon as December 29. Regardless of when you receive it, rest assured that you’ll have an increased amount as the new year begins, providing a timely financial boost.

Will SSDI Income Limits Also Change?

Alongside the COLA increase, new SSDI income limits will also go into effect in 2024. As an SSDI recipient, you’ll earn up to $1,550 monthly from a job without jeopardizing your benefits. This amount is slightly higher than this year’s maximum of $1,470. For blind recipients, this limit is higher. They’ll have a more acceptable earning threshold of $2,590 monthly, a $130 increase from the previous year. Like the COLA, the SSD makes these changes to ensure that recipients can still work to some extent without losing financial support.

Get The SSDI Benefits You Deserve

Qualifying for SSDI can be challenging, especially when it’s constantly changing. If you’re unsure how these COLA increases impact your situation or need help filing your claim, our expert New York social security disability lawyers are here to help. Don’t miss out on the benefits you’re entitled to.  Please contact us online or at 855-208-9799 today for a free consultation and let our experienced New York social security disability lawyers guide you through the process.