The Social Security Administration (SSA) provides financial benefits to eligible Americans through various disability, retirement, and family programs. Every year, the agency updates its programs to include cost-of-living adjustments and potential changes to eligibility requirements for Social Security Disability (SSD) and Supplemental Security Income (SSI) programs. If you receive Social Security benefits or plan to apply for Social Security SSD/SSI soon, it’s essential to learn the 2024 updates so you know the types and amounts of benefits you may be entitled to receive.
What is the Cost-of-Living Increase for 2024?
The SSA applies annual cost-of-living adjustments (COLA) to Social Security Disability and retirement benefits to reflect the effect of inflation on the purchasing power of those benefits. The SSA calculates COLAs based on the percentage increase in the Consumer Price Index for Urban Wage earnings and Clerical Workers from the third quarter of the last year the SSA imposed a COLA on benefits to the third quarter of the current year.
The Social Security Administration announced a 3.2 percent COLA for Social Security disability and retirement benefits for 2024. In addition:
- The maximum amount of taxable earnings subject to the Social Security tax increased to $168,600.
- Earnings limits for workers younger than full retirement age increased to $22,320.
- Earnings limits for people reaching full retirement age in 2024 increased to $59,520.
- The income required to earn a work credit toward Social Security retirement or SSDI increased to $1,730.
Social Security Disability Insurance (SSDI) 2024 Monthly Increase
As part of the 3.2 percent COLA for 2024, the average monthly benefit in the Social Security Disability Insurance program (SSDI) increased by $48, from $1,489 to $1,537.
The COLA also increased the maximum monthly income limits an SSDI recipient can earn while remaining eligible for disability benefits. Recipients can earn up to $1,550 monthly from work, an increase of $80 from 2023’s cap of $1,470. Visually impaired recipients of SSDI benefits can earn a maximum of $2,590 per month, an increase of $130 from the 2023 limit.
The income threshold for the Trial Work Period program — which allows Social Security Disability recipients to attempt a return to the workforce while temporarily continuing to receive monthly benefits — has increased to $1,110 per month from $1,050 per month in 2023.
Are SSI Benefits Affected?
The 2024 COLA will also increase monthly SSI benefits. The average SSI monthly benefit will increase from $914 to $943 for individuals and from $1,371 to $1,415 for couples.
However, the SSA has not increased the maximum resource limits for eligibility for SSI benefits. Individual applicants must still have at most $2,000 in countable assets to qualify for SSI, while couples continue to have a maximum combined resource limit of $3,000.
Contact Our Social Security Disability Lawyers for Assistance
Do you need help applying for or receiving your SSI or SSDI benefits in Oklahoma? Reach out to the experienced Social Security Disability attorneys at Ryan Bisher Ryan & Simons today for an initial consultation to discuss your eligibility and get help troubleshooting any problems preventing you from getting the money you deserve. Call or contact us now.
We are Ryan Bisher Ryan & Simons, a legal firm that, for decades, has been fighting for the rights of hardworking Oklahoma residents. Our mission is to hold the powerful accountable.
