If you or a loved one receive Social Security Disability benefits, you can expect an increase in monthly payments in 2024. To keep pace with inflation, the Social Security Administration (SSA) announced a 3.2% increase in payments starting January 2024.
In this article, our Social Security Disability attorneys explain how the SSA determines the percent increase and how this may impact your monthly payments in 2024.
Why are monthly Social Security Disability payments increasing?
At the start of each year, the Social Security Administration (SSA) determines a cost-of-living adjustment (COLA) for Social Security Disability payments. The COLA is based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The CPI-W is a measure of the average change over a specified time.
Here’s a simplified explanation of the process:
- Baseline comparison: The SSA compares the average CPI-W for the third quarter (July, August, September) of the current year with the average for the third quarter of the previous year. The baseline is established using these comparisons.
- Determining inflation rate: The percentage increase (if any) in the average CPI-W from the previous year’s third quarter to the current year’s third quarter is calculated. This percentage represents the inflation rate.
- Applying COLA: If there is a positive inflation rate, like in 2024, it is used to adjust Social Security Disability benefits upward. This adjustment is the COLA, and it reflects the increase in the cost of living.
- Applying to benefits: The COLA is applied to Social Security Disability benefits starting in January of each year.
When will you see an increase in your monthly Social Security Disability checks?
When you get your monthly Social Security Disability check depends the type of benefits you receive, when you started receiving them, and your birthday. Our Social Security Disability attorneys break down the timeline below:
- Dec. 29, 2023: People who receive Supplemental Security Incomes (SSI) will see an increase in their checks.
- Jan. 3, 2024: People who began claiming Social Security benefits before May 1997 should see an increase in their checks.
- Jan. 10, 2024: People whose birthdays fall on the 1st-10th of their birth month.
- Jan. 17, 2024: People whose birthdays fall on the 11th-20th of their birth month.
- Jan. 24, 2024: People whose birthdays fall on the 21st-31st of their birth month.
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