One of the great advantages of collecting the Social Security Disability check is that the beneficiary has the peace of mind that each year the payment will increase thanks to the COLA. The Cost of Living Adjustment (COLA) mechanism allows retirees to effectively deal with inflation.
While it is true that retirees cannot get rich from the COLA, it is also true that they do not lose purchasing power. Ultimately, the goal of this government action is to ensure that Social Security Disability retirees and other Social Security beneficiaries can continue to have a good standard of living.
How much does the May 8 Disability payment increase?
The truth is that the May 8th Disability payment is the same amount as the previous months of this year 2024. But if we compare this May’s benefit with the May 2023 check we can see that the amount we get is higher.
The maximum Disability check in May 2024 is $3,822 per month. This means that retirees in this category can have a payment of almost $4,000, although it is true that the maximum benefit is not for all beneficiaries.
Whatever your check was in May 2023, as of the beginning of this year 2024 you will have seen an increase in the benefit. The 2024 COLA is 3.2%, which while not an overly large amount is enough to deal with current inflation.
Who can get the May 8th, 2024 Disability check?
Only one group of Americans can get the May 8th, 2024 Disability benefit. This group is citizens who meet two requirements. These requirements are related to the birthday and, in addition, the year of retirement.
So, in order to collect the payment for this day we will need:
- Have a Disability benefit or other reason from May 1997 onwards.
- Have a birthday between the 1st and 10th of any month.
And there is no other requirement for the Social Security Administration to send us a check for Disability on this day. However, by activating Direct Deposit we will be able to have the money available on the same day as the payment. If we don’t have it activated, the payment will arrive within a few days after it is sent.