Disability Benefits have increased in 2024 thanks to COLA
The COLA is one of the most useful mechanisms for retirees in the United States, whether for disability or other reasons. Through COLA, United States citizens can obtain an increase in their monthly check benefit.
In this way, the United States Government is trying to combat inflation directly. Considering that inflation is unstoppable, the COLA alleviates to some extent the downturn in the standard of living of many disability retirees.
If overall prices increase for all Americans, recipients who only collect a disability check could be in serious financial trouble. Thus, with the COLA, we are faced each year with an increase that matches the increase in inflation.
However, it is true that sometimes the COLA may be a little less than we expect. Still, the 2024 COLA has been 3.2%, which is a clear sign that inflation has not increased as much in the past year as in previous years. Be that as it may, Disability beneficiaries have a new maximum check. Do you know what it is?
Disability Checks after COLA 2024
While it is true that each Social Security Disability benefit recipient has a different amount, it is also true that we are looking at a maximum check. And more than that monthly amount is not possible. Therefore, it is the maximum ceiling that such a beneficiary can acquire.
This maximum is $3,822 per month. It is the same maximum for retirees with the Full Retirement Age, that is, at age 67. If we have a Disability check that is close to that figure it means that we have a good monthly benefit.
Similarly, another fact to keep in mind is that the 2024 payment is 3.2% higher than the 2023 payment. And for that it doesn’t matter whether we have the maximum payment or not. Regardless of what Social Security check we have, the payment has gone up 3.2%. And this is true for Disability beneficiaries, age retirement or otherwise.
So if your benefit in 2023 was $1,000 per month, in this year 2024 you should get $1,032 each month. If not, you may have to claim something from the Social Security Administration, since all Disability payments have increased by that percentage in 2024.