Thanks to annual COLA increases, Social Security Disability Insurance (SSDI) beneficiaries in the United States are able to get extra money each year to keep up with inflation. And this year’s 2023 COLA was a record high at 8.7%. This pushed the previous year’s maximum payments to $3,627 in this year 2023.
This means that in the month of November 2023 retirees get almost 9% more than last year. Even though by next year 2024 we won’t have such a large COLA, the reality is that we will also find ourselves with an increase that will be perfect for all benefit checks.
And best of all, there are no exceptions to adding the COLA to Social Security checks. That is, each and every payment the Administration sends out each month has the current COLA included. Therefore, for all of 2023 we could see a check increased by 8.7% over last year in every month.
Starting in January 2024 these same checks will increase by 3.2%, so we will not get a maximum of $3,627 in 2024, but $3,743 for disability retirees. There is no doubt that this will be a welcome increase for everyone.
WHO WILL GET THE NEW NOVEMBER SOCIAL SECURITY DISABILITY PAYMENT?
The new payment of this benefit will arrive in just one week. If we have the Social Security disability payment accepted we will only have to meet a couple of requirements to get a check. This payment with a maximum of $3,627 will arrive only to the third group of retirees.
Each group of retirees gets their payment on a different day of the month. This means that each retiree has his or her assigned group and day. So if you want to know the day you will receive your monthly check, all you need to know is which group you belong to.
The next of the payments will be on the third Wednesday of the month. This means that on the 15th of November retirees with a disability benefit will enjoy their check only if they have a post-1997 retirement and birthday between the 11th and 20th of any month. All other retirees collect their check on a different day depending on these two conditions.
HOW CAN I GET MY SOCIAL SECURITY CHECK FASTER?
If we have a Social Security benefit, we will always have to look at the calendar to know the day of the payment. However, the day that appears on the calendar is the day on which the Administration will send the payment, but not the day on which we will have the money available.
In order to get paid as soon as possible we must activate Direct Deposit. This method of payment is the fastest and most effective of all. And it is through this method that we will have the money instantly. This does not mean that without Direct Deposit we cannot cash the check, but it is true that the money will take a few more days to arrive.
If we do not have Direct Deposit active, the money will take about 3 days to arrive in our pocket. The problem is that if we collect the disability benefit (SSDI) on a Wednesday we will have the weekend very close which can mean a longer delay. So it is better to activate this method of payment and get the money immediately.