2024 Social Security COLA: What It Means for You

Jan Dils, Attorneys at Law, is committed to keeping you informed about updates from the Social Security Administration (SSA). Recently, the SSA announced a Cost-of-Living Adjustment (COLA) for 2024.

If you are currently receiving payments from the SSA, this means that your payments may be larger. According to the SSA, they adjust payments when the average cost of living goes up. This will help the millions of Americans who rely on Social Security payments to keep up with their expenses. Keep reading for the details of how this may impact the benefits you receive.

Social Security Cost of Living Adjustment for 2024

The SSA uses something called the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) to determine COLA adjustments. They evaluated the Index from late 2022 to late 2023. The CPI-W rises when inflation rises, and in the past year, inflation has hit hard.

Because of this, the SSA decided to increase SSD/SSI payments by 3.2%. On average, the SSA says benefits will increase by about $50 or more.

The SSA will mail out COLA notices beginning in December. You will also be able to view the notice in your online Message Center through the SSA website starting in December. If you have questions about your eligibility, Jan Dils is here to help! If you are currently trying to get Social Security Disability or Supplemental Security Income, we would be honored to help you fight for the benefits you deserve. Contact us today at (304) 244-0014 to speak with a friendly, knowledgeable team member.

2024 Social Security Disability Thresholds

In addition to the COLA payment increase, the Substantial Gainful Activity (SGA) threshold has been updated. To be eligible for disability benefits, a person must be making less than the SGA threshold, which is determined by the SSA.

• For Non-Blind individuals, the threshold has been increased from $1,470 per month to $1,550 per month
• For Blind individuals, the threshold has been increased from $2,460 per month to $2,590 per month
• The Trial Work Period (TWP) threshold has been increased from $1,050 per month to $1,110 per month

This COLA adjustment is aimed at helping beneficiaries maintain their purchasing power as costs rise. If you have questions or need assistance understanding how these changes affect you, please don’t hesitate to contact us. Jan Dils, Attorneys at Law, is here to help you navigate the Social Security system and ensure you receive the benefits you deserve.  Call us today at (304) 244-0014 for a free consultation.