The Social Security Disability Insurance (SSDI) provides crucial financial support to individuals who have paid sufficient Social Security taxes and are unable to work due to a disability. SSDI, which is managed by the Social Security Administration (SSA), is a crucial part of the federal government’s support initiatives for people with disabilities.
Due to yearly Cost Of Living adjustment (COLA), beneficiaries of Social Security benefits will get SSDI Increase in their monthly payments in 2024. In this blog, we will provide complete details related to SSDI increase 2024, including its overview, latest updates, increased amount, etc.
SSDI Increase 2024
The 3.2% cost of living for 2024 means that the approximately 67 million Americans who receive Social Security benefits are going to see an increase in their benefits of around $55 a month on average. The goal of this change is to help recipients to keep up with rapidly increasing inflation rates.
Even though the 8.7% COLA increase in 2023 was the largest in over 40 years, the small increase in 2024 still indicates an important step in changing benefits in accordance with increases in the cost of living.
| Organization | Social Security Administration (SSA) |
| Name of Program | Social Security Disability Insurance (SSDI) |
| Country | USA |
| Increase Rate | 3.2% |
| Payment Amount | $1,537 (Variable) |
| Payment Status | Monthly – Wednesday (Based on DOB) |
| Category | Government Aid |
| Official Website | https://www.ssa.gov/ |
SSDI COLA Increase In July 2024
All Social Security benefits, including SSDI, can take advantage of an increase in monthly payments due to the 3.2% COLA increase for 2024. With this change, SSDI beneficiaries will be able to better handle the growing expense of living in the US. The SSDI increase is a result of retail prices dropping in comparison to the previous year, which shows that post pandemic inflation rates have normalized.
The COLA was 3.6% higher in 2011 than it was this year, which focuses on how important this year’s adjustment is to maintaining the purchasing power of Social Security payments. Individuals can check the official notification of the Social Security Administration, to know much more details and stay updated with the latest announcements regarding the SSDI increase 2024.
Social Security Disability Insurance Changes
Benefits under the Social Security Disability Insurance program are expected to increase in 2024, providing claimants and their families much-needed help. A 3.2% Cost of Living Adjustment has been implemented into the maximum monthly benefit of $1,537 for handicapped workers. However, the average benefit amount might vary based on an individual’s insurance status and other important variables.
The Social Security Administration (SSA) will provide beneficiaries with accurate data on their payment amounts in the month of December 2023. The actual payment could be more or less than the average based on specific circumstances, and this information can be verified through my Social Security account.
SSDI Increase Amount 2024
The monthly benefits that recipients of Social Security Disability Insurance receive in 2024 is going to increase. Benefits for disabled workers will increase by $48 per month, achieving a total of $1,537. The new benefit amount for disabled widows or widowers will be $926, with an additional $29 being given to them.
Benefits for elderly widows or widowers will increase by $55, to $1,775 per month. Retired workers’ partners will receive an additional $28, in the amount of $913, while retired workers individually will receive a $59 increase, in the amount of $1,906 in monthly benefits. The tax rates for workers and self employed people will not change in 2024 even with the changes to benefit levels.
SSDI Increase 2024 Latest Updates
The SSA has also announced that around 71 million citizens taking part in various Social Security benefit programs are going to receive increased payments in 2024. Some beneficiaries might see their payments increase from as soon as December 29, 2023, however the payment might be delayed due to incremental implementation.
Through mail and online COLA updates, the SSA will inform all recipients of these changes and their revised payment amounts. Additionally, the SSA has released a detailed overview detailing the maximum payment rates, tax rates, limits, and free amounts for 2024, ensuring that beneficiaries are well-informed about the updates and can plan accordingly.