As the cost of living in the U.S. continues to rise, 71 million Social Security beneficiaries across the nation still need to make ends meet. That’s why there’s the Cost-of-Living Adjustment (COLA) at the end of every year to increase Social Security checks to combat inflation and ensure beneficiaries’ financial stability for the coming year.
The Social Security Administration (SSA) recently announced a COLA of 3.2% for 2024. This follows a 5.9% COLA in 2022 and a record-high increase of 8.7% in 2023. If you are applying for or already receiving disability benefits, here’s what this means for you.
New Disability Payment Amounts with COLA
With the 2024 COLA in effect, SSDI benefits will increase to the following:
$1,550 per month for non-blind claimants.
$2,590 per month for blind claimants.
$1,110 per month for those in a trial work period (TWP).
In addition, the new SSI federal payment standards are:
$943 per month for individual beneficiaries.
$1,415 per month for couples.
How is the COLA Calculated?
The Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W, calculates the COLA annually. This quarter data is summed up and averaged and compared with the previous year’s third quarter average. If there is an increase, then that determines the size of the COLA.
Social Security Disability Attorneys Proud to Serve the Triad
If you’ve become disabled and need help, you’re not alone. The SSA provides millions of Americans with essential financial assistance every year and ensures that it keeps up with the rising cost of living and consumer goods with the annual COLA. However, the claims process is complex, and the majority of initial applicants are denied. At Daggett Shuler, it is our mission to serve our disabled community and our dedicated Social Security Disability lawyers will work hard to secure the benefits you need to support yourself and your family.
Contact us today by submitting a form below or calling our office at 336-724-1234 for a free consultation.