SSDI and SSI beneficiaries are getting financial relief in 2024 in the form of Cost of Living adjustment(COLA)
Against the rising prices and wage changes, the Social Security annual Cost of Living adjustment(COLA) grants protection against a financial loss.
The social security organization changed the Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) payments on the basis of wages change.
This increase includes not just retirees and survivors but all the beneficiaries.
However, people with serious health conditions will receive a 3.2 percent increase in their monthly payments in 2024.
In addition, the COLA changes each year with respect to the prices and wages change.
The main changes that will take place in SSDI and SSI payments in 2024 are given below:
SSDI Benefit change
According to the Social Security Administration (SSA), the SSDI benefit for a disabled worker will change from $1,489 to $1,537. It is effective from January 2024, when the payments will start rolling out.
Moreover, for a disabled worker with a spouse and child (or children), the SSDI will change from $2,636 a month to $2,720 in January 2024.
SSDI income eligibility
SSDI payments are based on a cap called Substantial gainful activity(SGA). If a disabled person exceeds this cap, he will lose his SSDI payment. But, the cap is higher for blind beneficiaries.
But, disability payments are only for those who are largely unable to work and earn. That is why the Social Security Administration sets a limitation on its eligibility.
Moreover, SSA adjusts the SGA cap on the basis of the National Average Wage Index. It also measures the historical trends in U.S. wages.
However, according to SSA, an average SSDI recipient will make up to $1,550 a month, up from $1,470 in 2023.