The 8.7% increase in United States Social Security benefits for both disability beneficiaries and age-based pensioners remains in effect in December 2023. This increase caused Social Security checks to go up record high this year, so it turned out to be very good news for Americans.
However, not all citizens got the same amount of money at the beginning of the year. The COLA increases the checks as a percentage, so beneficiaries with a disability or other pensioners got different amounts in the increase. But it is true that they all saw their checks increase by 8.7% regardless of the type of benefit they had.
And for a group of beneficiaries, the last of the checks will arrive in just a few hours with the 8.7% increase corresponding to this year 2023. After that, those same disability beneficiaries will not get less money, but quite the opposite. In January 2024 that 8.7% will be added to the 2024 COLA, so we will find ourselves with more money in the current account.
WHO WILL GET THE NEW DISABILITY PAYMENT IN THE NEXT FEW HOURS?
Only one group can cash the new Social Security checks in the next few hours. This group will be the second group of citizens with a disability in the United States. The first of these groups got their check last December 1st, so they should already have the money available.
In order to collect the new Social Security benefit we must keep in mind that we have to belong to group 2 retirees. And the type of retirement does not matter to get the check, since it is only important to take into account other different data.
These are the requirements to obtain the new payment:
- Have a Social Security disability benefit or some other reason since after 1997.
- Have a birthday between the 1st and 10th of any month.
By being in this group, we will be able to collect the payment on December 13th. This payment will be the last one for this group for the whole year 2023, since to get a different payment this group will have to wait until 2024.
HOW MUCH WILL SOCIAL SECURITY INCREASE IN 2024?
After this December 2023 Social Security disability checks will increase a little more. The payments will have a 3.2% increase starting in January 2024. So the maximum will go from $3,627 to $3,743 from that point forward.
So any check we have from Social Security will see an increase. And it doesn’t matter if the check is disability, age retirement or even Supplemental Security Income. The important thing is to have an accepted Social Security check.
If we have it, we will see that increase in the coming year 2024 and we can enjoy some extra money. Still, remember that the COLA is not for disability beneficiaries to get rich, but to best cope with current inflation.