The SSA announced that the cost-of-living adjustment (COLA) for 2024 will be 3.2%. This follows a 5.9% COLA in 2022 and a record-high increase of 8.7% for 2023.
Social Security beneficiaries will see a 3.2% boost to their monthly payments this coming year. This adjustment is to combat inflation, which continues to ramp up the cost of living and consumer goods.
How is the Cost-of-Living Adjustment Calculated?
COLA is calculated yearly based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W. Data from the third quarter is added and averaged and compared with the previous year’s third-quarter average. If there is an increase, that determines the size of the COLA.
How COLA is Put Into Effect By the SSA
Most beneficiaries will see this adjustment reflected in their checks in January 2024, while Supplemental Security Income beneficiaries could see a change as early as December.
2024 Social Security Administration Benefits
SSA Disability Benefits
| Disability | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Blind | $2,590 | $2,460 | $2,260 | $2,190 |
| Non-Blind | $1,550 | $1,470 | $1,350 | $1,310 |
| Trial Work Period | $1,110 | $1,050 | $970 | $940 |
SSI Benefits
| Beneficiary | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Individuals | $943 | $914 | $841 | $794 |
| Couples | $1,415 | $1,371 | $1,261 | $1,191 |
What Does This Mean for My 2024 SSD Monthly Payment?
Here are the new average payments for disability benefits:
- For a disabled worker, the average monthly amount paid will be $1,537, up from $1,489 in 2023.
- For a disabled worker and their dependents or family, the average monthly amount in 2024 increases to $2,720 from the 2023 amount of $2,636.
No Disability Case is Too Tough for Us
As bills, the cost of groceries, and more continue to rise, millions of disabled Americans have begun to feel the pressure of inflation. Fortunately, the experienced Social Security Disability attorneys at Kerr Robichaux & Carroll are here to help. No case is too complex for us, and we will help you through the Social Security Disability process from the initial application to appeals and beyond. Speak with us for free today.
Contact us today by submitting a form below or calling our office at 503-255-9092 for a free consultation.
2023 Cost-of-Living Adjustments
Cost-of-Living Adjustments (COLA) for 2023
The SSA announced that the COLA increase for 2023 is 8.7% – the highest increase beneficiaries have seen in their checks since 1981. So if you’re collecting disability benefits, here’s what you should know about next year’s COLAWhat to Expect in Your SSD Payments in January 2023
Once the COLA takes effect this January, beneficiaries will see an average increase of $140 to their monthly checks. Social Security beneficiaries are usually notified about their increase in benefits by mail starting in early December. However, the My Social Security online portal is the fastest way to learn about your increased benefit amount.
As consumer prices continue to surge, many are finding themselves under pressure to make ends meet. However, millions of Americans collecting disability benefits can rest assured that this increase in benefits will help to meet increasing economic demands.