$185 Per Month for Social Security & SSDI For Disabled Claimants In 2024

The 2024 Cost-of-Living Adjustment (COLA) brings a 3.2% increase to Social Security and SSDI benefits, offering much-needed relief to beneficiaries coping with rising expenses. This boost could mean up to $185 more per month for higher earners, while the average SSDI payment will rise from $1,489 to $1,537, or $48 monthly. Whether you’re an existing beneficiary or planning to apply, understanding this adjustment is key to making the most of your benefits.

What Is the $185 Monthly Increase?

The COLA ensures Social Security benefits keep pace with inflation, maintaining their purchasing power. For 2024, the adjustment reflects moderate inflation compared to the higher 8.7% increase in 2023. The boost is calculated using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), comparing inflation from the third quarter of the previous year to the current year.

Who Qualifies for the Increase?

Eligibility depends on your status as a current or new beneficiary:

1. Current Beneficiaries: If you’re already receiving Social Security retirement, SSDI, or Supplemental Security Income (SSI), the COLA adjustment is automatic. Payments reflecting the increase will begin in January 2024.
2. New Applicants: Those not yet receiving benefits must apply. SSDI eligibility requires meeting criteria such as:
   • A disabling condition preventing you from working.
   • Sufficient work credits (typically 40, with 20 earned in the last decade).
   • Earnings below Substantial Gainful Activity (SGA) limits: $1,550/month (non-blind) or $2,590/month (blind).

Practical Steps to Access and Use Your Benefits

For Current Beneficiaries:

• Log into your My Social Security account on SSA.gov to review your updated benefit amount.
• Confirm the adjustment in your January 2024 payment statement.

For New Applicants:

• Prepare Documentation: Gather your Social Security number, birth certificate, W-2 forms, medical records, and disability documentation.
• Apply Online or In-Person: Begin the process on SSA.gov or visit a local Social Security office.
• Track Your Application: Monitor your application status through the SSA’s online tools or hotline.

Maximizing Your Financial Benefits

1. Budgeting Wisely

• Review your updated benefit amount and allocate funds for essential expenses like food, utilities, and healthcare.

2. Exploring Additional Resources

• Medicare Savings: SSDI recipients may qualify for Medicare after two years. Explore cost-saving options like Medicare Advantage Plans.
• SNAP Assistance: Check your eligibility for food assistance through the Supplemental Nutrition Assistance Program.

3. Planning for the Future

• Consult a financial advisor or disability benefits expert for guidance on managing benefits and exploring other assistance programs.

Tax Opportunities

Disabled individuals may qualify for tax benefits, including the Earned Income Tax Credit (EITC) for low-income households. The 2024 COLA increase offers valuable support for Social Security and SSDI beneficiaries, helping them navigate rising costs. By staying informed and proactive, you can make the most of your benefits and secure a more stable financial future.