There’s an anticipated annual increase in the Social Security Disability benefits for millions of Americans, a move determined by the government and not by individual beneficiaries.
Such increases, though they may appear modest, signify that those receiving disability benefits can expect additional funds every year. The forthcoming increment is on the horizon, though it will still take some time before beneficiaries see it reflected in their checks. Yet, it’s comforting for many to know that this routine uplift is consistent year over year.
Upon this adjustment, both disability and age retirement beneficiaries will receive a slightly heftier monthly sum.
When will the revised benefits take effect?
September will not feature the benefits’ increment, but beneficiaries can expect new checks. However, to witness the enhanced Social Security amount, recipients will need to hang on until early 2024. Specifically, the first increased payment of 2024 will be disbursed on the 3rd of January.
Notably, this forthcoming disbursement targets those with pre-1997 benefits, aligning with the Social Security Administration’s newly decreed increase. Ahead of this, in September, retirees will receive new checks, with distributions scheduled for tomorrow and again on September 27th.
How Much Will The Benefits Increase?
While it’s premature to pinpoint the exact Cost-of-Living Adjustment (COLA) for 2024, expert projections hover around 3%. The precise figure will be unveiled around October 16, requiring a bit more patience from eager beneficiaries.
Once the COLA is announced, beneficiaries needn’t take any further steps. The transition is seamless, ensuring recipients will get their due increase without any added hassles, regardless of the nature of their benefit.