The Social Security Administration (SSA) has announced a 3.2% Cost of Living Adjustment (COLA) for 2024. This adjustment increases the Social Security Disability Insurance (SSDI) benefit payments to help recipients manage daily living expenses. In 2024, the maximum monthly SSDI benefit is $3822.
For Supplemental Security Income (SSI), the maximum monthly payment is $943 for an individual and $1415 for a couple. To qualify for SSDI benefits, applicants must meet specific criteria. They must be residents of the United States and have paid Social Security taxes during their employment.
The medical condition must prevent the individual from working and be expected to last for at least one year or result in death. Short-term or partial disabilities do not qualify. Applicants must also become disabled before reaching full retirement age.
SSA announces COLA raise for SSDI
SSDI payments are made monthly, with the exact date depending on when the beneficiary started receiving benefits and their birthdate. For those who started receiving benefits before 1997, payments are made on the 3rd of every month.
If the 3rd falls on a holiday, the payment is made the preceding working day. For those who started receiving benefits after 1997, payments are based on the beneficiary’s birthdate. Those with birthdates from 1-10 receive payments on the second Wednesday of each month.
Those with birthdates from 11-20 receive payments on the third Wednesday of each month. And those with birthdates from 21-31 receive payments on the fourth Wednesday of each month. Several factors can influence the amount of SSDI benefits, including monthly income and Social Security tax contributions during working years, total number of years worked, age at disability onset, and current income and resources.
These factors can cause variations in the SSDI amounts received by different beneficiaries.
