As inflation continues to hike up the prices of consumer goods and living expenses in the U.S., the SSA makes sure its 71 million beneficiaries can still support themselves and their families with the annual cost-of-living adjustment (COLA). This is when the SSA increases checks by a certain percentage to ensure the purchasing power of Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI).
Recently, the SSA announced a COLA of 3.2% for 2024. This comes after a 5.9% COLA for 2022 and a record-high increase of 8.7% for 2023. If you are applying for or already receiving disability benefits, here’s what you need to know.
Updated Disability Payments with COLA
SSDI benefits after the 2024 COLA will increase to:
$1,550 per month for non-blind beneficiaries.
$2,590 per month for blind beneficiaries.
$1,110 per month for those in a trial work period (TWP).
Additionally, the new SSI payments will be:
$943 per month for individual recipients.
$1,415 per month for couples.
How is the Cost-of-Living Adjustment Calculated?
At the end of every year, The Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W, calculates the COLA by evaluating the third quarter of that year. This data is summed up and averaged, and compared with the previous year’s third quarter average. If there is an increase, then that determines the size of the COLA for the following year. If there is no increase, there is no COLA.
Beneficiaries should expect a COLA notice in the Message Center of their My Social Security account in December. Those receiving SSDI will see the adjustment reflected in their checks in January, while SSI recipients will see a change as early as December.
Michigan Social Security Disability Lawyers Who Are on Your Side
If you’ve become disabled and can no longer work, it can turn your life upside down. However, you are not alone, and help is available. While the SSA provides millions of Americans each year with essential financial assistance, the claims process is lengthy and complex, with the majority of initial applications denied. That’s where we come in. As Michigan’s leading Social Security Disability law firm, we use our extensive experience and expertise every day to serve our disabled community and protect their rights. We are ready to walk you through the claims process every step of the way and we will stop at nothing to ensure that you receive the benefits you need and deserve. Speak with us for free – we won’t get paid until you do.
Contact us today by submitting a form below or calling our office at 800-949-2900 for a free consultation.