The new COLA increase will take place in just a few months. Millions of United States residents may see their disability benefit increase to reach a new high. And while the increase will not be as high, according to forecasts, as last year, this news is really important.
Having an annual increase is something that makes life much easier for Social Security disability beneficiaries. The enormous inflation of the last few years has caused many citizens to lose some purchasing power.
In order to prevent this loss of purchasing power, the United States Government increases the benefit a little each year. Thanks to this, the check happens to have an extra payment that increases the money that goes into the pockets of the beneficiaries.
Whether it’s the disability check or the age retirement check, getting Social Security money makes life better for many citizens. Add to that the COLA increase and the standard of living is much better.
WHICH CITIZENS WITH A DISABILITY GET THE 2024 COLA?
In order to get the 2024 COLA increase, only one requirement must be met. That requirement is none other than having the Social Security benefit accepted, whether it is for disability or some other reason. In this sense, just by getting a check already accepted we will see an increase in that monthly check.
And the increase will not go down, i.e., the moment the benefit increases, whatever the amount, there is no going back. If the current disability check is capped at $3,627 and the COLA is 3%, the check will go to $3,735 per month.
In the following year we will see an increase from this increase. Still, keep in mind that is the maximum check. Each individual check has an individual increase and is percentage dependent.
If your disability benefit is $1,530 as of January it will be approximately $1,575. The important thing to keep in mind is that it is a percentage and not an exact figure.
So only Americans who do not have a Social Security check will not enjoy this benefit. The rest of Americans, those who do have a monthly check can get the COLA increase and therefore extra money every month.
WHAT WILL THE 2024 COLA INCREASE BE?
It is still too early to determine what the exact COLA increase will be in 2024. Experts are talking about a 3% increase, although these are only forecasts. By mid-October we will be able to know the exact number.
Regardless of the COLA figure, what we can be sure of today is that it will not be as large as in 2023. This year there has been a record COLA for both disability beneficiaries and age-based retirees.
Best of all, whatever we do we will get the new increase. So starting January 2024 we will have a few extra dollars, and whether it is 3%, a little more or a little less.