Getting extra dollars every month is always a positive and good news for each of SSDI. Regardless of the amount, taking advantage of some extra money can help you stretch edisability benefits.
It’s time for millions of Social Security beneficiaries to get theirs 2024 COLA push. While SSI recipients and those on Social Security before May 1997 received the COLA increase on December 29, 2023 and January 3, respectively, others on SSDI I need to wait.
The next group of SSDI beneficiaries who will receive the 3.2% COLA increase will receive it on January 10. This means they can enjoy their new check in less than 24 hours. Disability benefits increase the same rate as retirement checks.
WHO CAN GET THE COLA BOOST FOR SSDI PAYMENTS ON JANUARY 10?
everything SSDI recipients will receive the COLA increase in January. However, to get it on January 10, 2024, your birthday must be between the 1st and 10th. In addition, there is another important requirement.
The next threee SSDI paymentsincluding the one on January 10, are only for people on disability benefits from May 1997 onwards. If you started receiving Social Security before May 1997, your next check is due on February 2nd.
Don’t worry if your birthday is between the 11th and 20th, because you may receive your benefit on the 17th of January. So it will only take one more week to wait for yours disability benefits.
The last chance to get the 2024 COLA increase in January will be the 24th. Remember that your date of birth must be between the 21st and 31st to get this SSDI verification. Now let’s look at the amounts.
AMOUNTS AND THE ADDITIONAL 48 DOLLARS
The Social Security Administration announced that the average The SSDI payment is $1,537 in 2024. Therefore, if you’re getting an average payment, you’ll get $48 more per month.
FYI, the average check as of November 2023 is $1,489. So getting that extra cash can allow you to have an emergency fund 576 dollars if you keep it for 12 months.
However, not all SSDI recipients can save it because they are on a very tight budget. Some workers who have earned the taxable maximum for 35 years may qualify for a check of up to $3,822.
Spouses of workers with disabilities of SSDI benefits could get about $420 after the COLA increase. So they can get about $13 extra a month after the cost of living adjustment. If your disability benefits are too low, apply for SSI and SNAP benefits.