Changes in the way Social Security benefits work due to the Cost of Living Adjustment could be positive or negative depending on your personal situation. The 2024 COLA will benefit most beneficiaries, but there might be exceptions.
Once you are collecting Social Security Disability Insurance (SSDI) you may not receive enough money. That is the main reason why many people on Social Security may need to look for a job.
Other people on disability benefits may be able to work in a different field and they just need some training. Despite the fact that they cannot work doing what they previously did, they can do something else after some recovery time. However, not to lose benefits, you must stick to the SSA rules.
WHAT CHANGES ARE THERE IN THE INCOME LIMITS FOR PEOPLE ON DISABILITY BENEFITS LIKE SSDI?
The income threshold Social Security has set for those on SSDI benefits is $1,470 in 2023. Therefore, if the 2024 COLA has increased this earnings limit up to $1,550, it will affect beneficiaries positively.
This limit is known as Substantial Gainful Activity or SGA. Although for most SSDI recipients the limit is $1,550 in 2024, blind people can have higher earnings in the same year.
As a matter of fact, their income limit will be up to $2,590, up from $2,460. So, having the possibility of earning $130 extra per month is great news for people who are blind.
The caps in the Trial to Work Period will also increase up to $1,110, but they are not as high as the previous amounts. It is still a good 50-dollar rise. What is more, another change that will affect people with a disability is the boost in benefits.
#ICYMI More than 71 million Americans will get a 3.2% increase in monthly #SocialSecurity benefits and #SSI payments in 2024. For more info, visit our blog here: https://t.co/2RWlgZ4aL7 #COLA #2024COLA pic.twitter.com/NOY8PDiF8m
— Social Security (@SocialSecurity) October 14, 2023
In general, getting more money, about $48 dollars extra on average is great. Unless you do not qualify for other benefits due to this increase, it will be fantastic to get more cash every month. Average checks will be about $1,537 if you are on SSDI next January 2024.