Cost-of-Living Adjustment (COLA) Announced for 2024

Recently, the SSA announced that the cost-of-living adjustment (COLA) for 2024 will be 3.2%. This follows a 5.9% COLA in 2022 and a record-high increase of 8.7% for 2023.

Social Security beneficiaries will see a 3.2% boost to their monthly payments this coming year. This adjustment is to combat inflation, which continues to ramp up the cost of living and consumer goods.

How is the Cost-of-Living Adjustment Calculated?

COLA is calculated yearly based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W. Data from the third quarter is added and averaged and compared with the previous year’s third-quarter average. If there is an increase, that determines the size of the COLA.

How COLA is Put Into Effect By the SSA

Most beneficiaries will see this adjustment reflected in their checks in January 2024, while Supplemental Security Income beneficiaries could see a change as early as December.

With the COLA, the SSA has raised the disability benefit thresholds to:

$2,590 per month for blind claimants.

$1,550 per month for non-blind claimants.

$1,110 per month for those in a trial work period (TWP).

In addition, the new SSI federal payment standards are:

$943 per month for individual beneficiaries.

$1,415 per month for couples.

What Does This Mean for My SSD Monthly Payment?

Here are the new average payments for disability benefits:

  • For a disabled worker, the average monthly amount paid will be $1,537, up from $1,489 in 2023.
  • For a disabled worker and their dependents or family, the average monthly amount in 2024 increases to $2,720 from the 2023 amount of $2,636.

No Disability Case is Too Tough for Us

As bills, the cost of groceries, and more continue to rise, millions of disabled Americans have begun to feel the pressure of inflation. Fortunately, the experienced Social Security Disability attorneys at Kerr Robichaux & Carroll are here to help. No case is too complex for us, and we will help you through the Social Security Disability process from the initial application to appeals and beyond. Speak with us for free today.

Contact us today by submitting a form below or calling our office at 503-255-9092 for a free consultation.

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