As with all other benefits, the United States Social Security Disability checks will also have an increase as of January 2024. This means that the maximum amount will no longer be $3,627 per month and these citizens will be able to get a higher benefit.
The COLA announcement depends on several elements. Also, each new year has a different date for the announcement of this increase. So we must be on the lookout to see on what day we will find out the annual COLA increase in disability benefits.
Fortunately, thanks to the calendar announced by the Social Security Administration, we will now know on what day we will have the official announcement of this increase. Many Americans are waiting to find out what the exact amount of the increase will be so they can see what their check will be starting in January.
Best of all, it’s not just disability benefits that will see this increase. Any check issued by the Social Security Administration will see an increase thanks to the 2024 COLA.
WHEN WILL THE ANNOUNCEMENT OF THE 2024 DISABILITY BENEFIT COLA INCREASE BE MADE?
The exact day will be in October. This is the case every year, as the Administration chooses this month to compare inflation in general prices. As the end of the year is near, the Social Security Administration calculates that inflation and announces the COLA from that calculation.
On the upcoming 12th day of October we will know what the COLA will be for beneficiaries with a disability beginning in 2024. This will mean that from then on we will be able to calculate what our check will be next year. By knowing the percentage we only have to add it to our current check to get the benefit we will get.
Likewise, the rest of the beneficiaries will get the same COLA, whether Americans with an age retirement benefit or not. The important thing in these cases is to have the benefit accepted and pay attention to the increase in the checks.
WHAT WILL THE 2024 COLA BE?
The 2024 COLA increase will not reach the amount of this year 2023. The fact is that 2023 was a record high compared to previous years. The COLA increase in 2023 was 8.7% and next year we will not see such a large increase.
Estimates talk about a 3% increase, which would not be bad either. If we take into account that the maximum disability benefit check is $3,627, we would end up with a check of around $3,735.
Although 3% per month may not seem like a lot of money, the increase is very large if we take into account the total year. So we must make a general calculation to find out what the actual increase will be over the course of 2024.