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As inflation slows and the economy continues to stabilize from the pandemic, people who are on Social Security benefits will be happy to see an increase in what they receive each month. Announced late last year by the Social Security Administration (SSA), there will be an increase in Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) payments in 2024.
The impact of this cost-of-living adjustment (COLA) is important for helping individuals who rely on these benefits to purchase basic necessities. Through these 2024 COLA changes, Social Security benefits continue to hold substantial value, especially for our clients who need them due to a disability.
The COLA cancels out the effects of increased prices in our economy (otherwise known as inflation) by strengthening the purchasing power of SSI and SSDI benefits. To calculate COLA adjustments each year, the SSA works with the United States’ Bureau of Labor Statistics (BLS) to determine the Consumer Price Index for Urban Wage Owners and Clerical Workers (CPI-W). However, in years where consumer prices drop, recipients will not receive such an increase.
In 2024, there will be a 3.2% increase in COLA, thus giving 66 million Social Security beneficiaries the boost they need to meet the current prices. In December 2023, Social Security began to mail out notification to individuals about their new benefit amounts.
The thresholds for Substantial Gainful Activity (SGA) have also increased. The new SGA thresholds (which is the maximum amount of gross income you can earn and still be eligible for SSDI) are as follows:
One of our lawyers could help you determine if you still qualify for benefits after this adjustment.
The application process for receiving disability benefits is not always easy, but we recommend you do not wait too long to begin. The process can be lengthy and require a lot of documentation; and if an appeal is necessary, the process can take even longer. Fortunately, our SSDI lawyers at Jan Dils, Attorneys at Law have experience in helping applicants create successful claims. Contact us today and schedule a free case evaluation to learn more about how the 2024 COLA affects what you could receive.
Jan Dils, Attorneys at Law