The Social Security Administration is about to start sending the first payments with a 3.2% COLA increase. Even if it is a few weeks before cashing the first disability benefit checks with 2024 COLA push, time flies.
December 29th is just around the corner and this will be the first payment with Social security rise. However, SSDI beneficiaries will have to wait until January 2024 to redeem their new amounts.
Those people with disabilities on both SSI and SSDI will begin collecting theirs money on December 29. Supplemental Security Income cannot be sent on January 1 because it is a holiday, so it will be sent in advance in 2023 as well.
WHAT WILL THE AVERAGE DISABILITY CHECK BE IN 2024 FOR THOSE ON SSDI?
Americans get Social security Disability Insurance will not cash out the COLA increase until January 3rd. If you receive an average payment, your SSDI will become larger.
Actually, disability benefit payments will be 1537 dollars in 2024 versus $1,489. Therefore, recipients may receive an average increase of about $48. It will undoubtedly be a disappointment if you are thinking about the 2023 COLA increase. Social security.
It was such a big increase that it will be really hard to get similar in the next few years. Keep this in mind Social security increases average much lower than 3.2% in 2024. So it will be slightly higher than the usual 2% growth.
Families may become taller disability payments if spouses and children are eligible for SSDI on the worker’s record. The latest COLA fact sheet showed that disabled workers and their families could receive an average of $2,720.
HOW CAN I GET MORE SOCIAL SECURITY FOR DISABILITY?
The Administration will ensure that all workers qualify for disability benefits. In addition to having a qualifying disability, you must have paid sufficient taxes to the SSA. To get a bigger SSDI payment, you must have worked for at least 35 years.
What’s more, you must have earned a lot. Those who always earn the taxable maximum will end up receiving the largest payments. The thing is, they have to file Social security as late as possible, just like retirement. However, having a disability prevents you from being able to choose your filing date.
So this is a clear disadvantage for those who are retiring and can choose early or late retirement. Those citizens who have worked all their lives but have not paid any taxes cannot claim Social security.
That’s why it’s vital to make sure your employer is paying the right amount of tax. Download a Social security statement and you will be able to see if you qualify for both retirement and disability benefits. Survivor benefits are another thing you can look at in your annual statement.