SSA Announces 3.2% Increase For 2024
It seems prices are constantly skyrocketing. It’s costing more to fill up your car with gas. It’s not uncommon for a trip to the grocery store to cost a few hundred dollars. Forget trying to buy a car or house.
If you live on Social Security Disability Insurance (SSDI) benefits, your situation is even more dire. If you are disabled, you cannot work an extra job or more hours to earn more money. The good news is that the Social Security Administration (SSA) does offer some relief on an annual basis by providing recipients with cost of living adjustments (COLA).
The amounts are determined in October every year. The COLA is based on the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers from the third quarter of 2022 through the third quarter of 2023. This comes from the Department of Labor’s Bureau of Labor Statistics. For 2024, Social Security benefits will increase by 3.2%. This is the lowest amount since 2020.
Since 1975, there have been COLA increases every year except for several: 2009, 2010, and 2015. In 2022, the increase was at 8.7%, which was the highest amount since 1981, when the increase was at 11.2%. The highest ever was in 1980, when benefit amounts rose by a whopping 14.3%.
More than 71 million Americans will receive the 3.2% increase with their SSDI or Supplemental Security Income (SSI) benefits. For SSI recipients, the increase will take effect in December 2023. All others will see their new payment amounts in January 2024. You will receive a notice about your increase in benefits starting in December.
The SSA offers various programs and benefits. For retirees, the 3.2% increase will amount to an average monthly increase of $58. For a person on SSDI, the average increase will be $47 a month. For a widower, the average will be an extra $55 per month. A widow with two children will receive an extra $113 a month, on average.
For the SSDI program, 2024 will see increased thresholds for substantial gainful activity. This is important for those who work and receive benefits. For those who are not blind, the limit is $1,550 per month. For those who are blind, the new limit is $2,590 per month. For recipients in the Trial Work Period, the limit is $1,110 per month.
Learn More About Social Security Disability Benefits
The SSA has been granting COLA increases since 1975. For almost 50 years, SSDI and SSI recipients have seen increases to their monthly pay, helping them deal with inflation.
It costs a lot to survive nowadays. Make sure you are getting all the compensation you deserve with help from a White Plains Social Security Disability lawyer from The Law Office of Michael Lawrence Varon. Let us assess your case today and guide you through the often complex processes. Call (914) 228-1770 or fill out the online form to schedule a free consultation.
Source:
ssa.gov/news/press/releases/2023/#10-2023-2
