In an annual tradition, the U.S. government has announced an increase in Social Security Disability benefits. While the exact percentage of the hike remains undisclosed, millions of Americans eagerly await the extra funds.
However, it’s essential to note that these decisions are government-driven and not determined by individual beneficiaries.
Despite the anticipation, beneficiaries will need to exercise patience. The increase, although confirmed, will not be immediate. Like every year, the enhanced amount will be a part of the monthly benefits and will be consistent year after year, with the potential for further annual increases.
WHEN DOES DISABILITY BENEFIT ARRIVE WITH THE INCREASE INCLUDED?
September may not bring a higher benefit, but it does promise new controls. Social Security is planning a new COLA increase, which will be reflected on January 4, 2024.
In a recent announcement from the Social Security Administration (SSA), retirees receiving benefits predating 1997 are set to benefit from a newly outlined increase.
As part of the Administration’s ongoing commitment to its beneficiaries, the SSA is poised to distribute these updated checks, marking a crucial timeline for recipients.
These checks are slated for dispatch either by the close of September or the onset of October, underlining the urgency of the matter.
WHAT WILL THE SOCIAL SECURITY COLA INCREASE BE?
As anticipation grows over the exact figure for the 2024 Cost of Living Adjustment (COLA), experts are predicting a possible 3% hike. With the financial world watching closely, the final figure remains a closely guarded secret until around October 16.
Other voices talk that the gas hike could increase the COLA by another 0.5%, which would be a total of 3.5% for next year.
Beneficiaries can breathe easy. Once the COLA is announced, they won’t have to do anything else. Thanks to a streamlined process, the automated system ensures that the updated amount arrives smoothly to its intended recipients, whether they are disability or other related checks.
This ensures that beneficiaries are safe from any complexity, reinforcing the government’s commitment to efficiency and ease for its recipients.
WHAT WILL THE MAXIMUM DISABILITY CHECK BE IN 2024?
After implementing the COLA the maximum disability check will increase in 2024. Currently, in 2023 a Social Security disability beneficiary can get a maximum benefit of $3,627 per month. This will increase to $3,743 per month. The maximum check increase will then be $116 per month.
But this does not mean that every American will get an extra $116 per month. Every American will get a 3.2% increase in their check, regardless of the amount. This figure is final, as the COLA 2024 announcement last October 12th confirmed that we will get that raise starting January 2024.
Still, remember that you will not yet get payment with the increased COLA. In other words, the checks on October 18th in which disability beneficiaries will receive their benefits will not have the 3.2% COLA 2024 added to them. Even if we have to wait a little while, in January we will have this extra money monthly.