In 2024, more than 71 million Americans will see a 3.2% increase in their Social Security Benefits and Supplemental Security Income (SSI) payments. On average, Social Security retirement benefits will increase by more than $50 per month starting in January.
Last week, on October 12, 2023, the Social Security Administration (SSA) published its “Fact Sheet” for 2024, which includes several changes that will impact how much beneficiaries receive. Below, we’ve outlined the most notable changes to Social Security Benefits in 2024.
Three must-know changes to Social Security Benefits in 2024
1. Social Security Benefits and Supplemental Security Income will increase in 2024.
Next year, Social Security beneficiaries will receive a 3.2% increase for a cost-of-living adjustment (COLA). COLA is how the SSA adjusts benefits to account for inflation. This means that the average retired worker can expect their monthly check to rise by $59. Similarly, people who receive Social Security Disability Benefits can expect their monthly check to increase by an average of $48.
2. Income thresholds for workers with disabilities are increasing.
In 2024, individuals who receive Social Security Disability Benefits will be able to generate more monthly income without impacting their long-term benefits.
- For instance, non-blind workers with disabilities are allowed to generate $1,470 per month in earned income this year without having their Social Security Disability income halted. Next year, this disability income threshold for the non-blind is increasing to $1,550 per month.
- For blind workers with disabilities, the allowable income threshold is considerably higher: $2,460 per month in 2023. Beginning in 2024, blind workers with disabilities can earn $2,590 each month without having to worry about their disability benefits being stopped.
3. It’ll be tougher to qualify for a Social Security Benefits
To qualify for Social Security Benefits, workers must receive 40 lifetime work credits. These credits are based on your earned income. No more than four credits can be earned in a given year.
In 2023, each work credit equates to $1,640 in earned income. Thus, $6,560 (4 X $1,640) in earned income will max out the four credits that can be received this year. In 2024, it’ll be slightly tougher to earn work credits. Beginning next year, it’ll take $1,730 in earned income to qualify for a single work credit and $6,920 to receive the maximum of four for the year.
What if your application for Social Security Disability Benefits is denied?
If you recently applied for Social Security Disability Benefits and were denied, you are not alone. In fact, 67 percent of all applicants are initially denied. The good news is that you can appeal the decision. There are steps that you can take to fight the denial.
- Reconsideration. If the SSA denies your application, they will send you a letter advising you of the reasons for their decision. You have the right to request a reconsideration and have them review your entire file.
- Appeal. If your application is denied after you request a reconsideration, you can file an appeal and request a hearing. In a hearing, you go before an administrative law judge and present your evidence and witness testimony for why you are eligibility for disability benefits.
- Hire an attorney. If you have not already done so, you should retain an experienced Social Security Disability lawyer to help you fight the denial and submit the evidence you need to prove your disability so that your application for SSDI benefits is approved.
Want to learn more? Check out our blog on the most common reasons Social Security Disability applications are denied here.
Denied Social Security Disability in Port St. Lucie, Fort Pierce or Vero Beach?
Let us handle the appeal process for you. Call 866-930-6435.
Receiving a denial for your Social Security Disability claim can be disheartening, but it’s important to remember that denials are not the end of the road. Many applicants go on to successfully appeal their denial and receive the benefits they deserve.
At Hoskins, Turco, Lloyd & Lloyd, our Social Security Disability lawyers have successfully appealed hundreds of denied Social Security Disability claims. We know how important it is to get government benefits as soon as possible. That’s why we will handle the appeal process for you and fight to ensure you get the compensation you need and deserve.
Speak with one of our Social Security Disability attorneys today. Call 866-930-6435 now.