The announcement about the cost-of-living adjustment (COLA) for 2024 is now out, and it’s good news for disability benefits recipients. Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) recipients will soon see a 3.2 percent increase in their monthly payments.
What Is SSI?
SSI stands for Supplemental Security Income; it is a public benefits program that provides financial support for people with disabilities with very limited income, as well as low-income seniors. The criteria to qualify for SSI are specific and quite restrictive. In most cases, an SSI applicant must have no more than $2,000 in resources to be eligible for assistance.
Note that in addition to the federal government’s SSI benefit payments, certain states do give an additional supplement to these beneficiaries.
How Will SSI Be Affected?
According to a Social Security Administration news release, the approximately 7.5 million people who currently receive SSI will see a 3.2 percent boost in their benefits starting in late 2023.
The maximum payout for 2024 will rise to $943 per month (up from $914 per month). For individuals on SSI with an eligible spouse, the maximum monthly payments will total $1,415 (up from $1,371 per month). This change will go into effect for SSI recipients beginning on December 29, 2023.
The 3.2 percent boost is not as significant as the increase seen in 2023, which was nearly 9 percent.
What Is SSDI?
Social Security Disability Insurance (SSDI) is a federal program that benefits people with disabilities regardless of what their assets are. To qualify, an individual must still fulfill certain requirements. For example, applicants must prove they have a disability that meets the Social Security Administration’s strict definition of this term.
SSDI Increases in 2024
Thanks to the latest cost-of-living adjustment, individuals receiving SSDI will see their average monthly benefits rise by about $48 (with average estimated payouts of $1,537 per month, up from $1,489 in 2023).
The Social Security Administration typically announces a new COLA, which is calculated based on the consumer price index, each fall. Beginning in December 2023, the agency will then notify recipients of adjustments to their monthly payments via snail mail. Find out sooner what your adjustments will look like by visiting your My Social Security account.
Access the Social Security Administration’s 2024 COLA fact sheet for additional information about these changes.
Contact Us Today
Clancy & Associates, Ltd., is the only full-service special needs planning law firm in Illinois. Our attorneys are dedicated to supporting individuals with special needs and their families. We, too, are parents and siblings of loved ones who have a disability and know how daunting and exhausting it is to go from firm-to-firm and provider-to-provider to find solutions and help.
Each child and family’s needs are very different — and we provide tailored, common sense ideas and strategies that reflect your goals, resources, and hopes for your family’s future security.
Contact us today to schedule a consultation to learn more about our services and talk about your planning needs.
