Social Security Disability Beneficiaries To Get 3.2% Benefit Increase In 2024, Providing Boost, Allsup Reports
Allsup highlights impact of annual cost-of-living adjustment for Social Security Disability Insurance payments
Belleville, Illinois – Oct. 12, 2023 – The cost-of-living adjustment (COLA) will bring a boost of 3.2% in benefits payments for Social Security Disability Insurance (SSDI) beneficiaries in 2024, according to Allsup, the nation’s premier provider of Social Security disability representation and veterans disability appeal services.
This increase will result in an average $48.77 per month of additional cash benefits for SSDI recipients, effective January 2024, according to the Social Security Administration.
“This monthly increase is very important for beneficiaries to help offset the impact of rising prices and cost of inflation,” said Steve Perrigo, Allsup vice president. “The COLA is essential for workers when applying for SSDI given the financial challenges that come with loss of income. Our goal is to help educate these workers on the opportunity to combine income and return-to-work benefits of this federal program.”
“Helping our customers with financial concerns was a key factor in why we created our Disability Financial SolutionsSM, which is an exclusive package of services to help claimants during the disability claims review and appeals process,” Perrigo explained. “We’re the only SSDI representative providing complete representation and financial solutions to claimants during the disability application process.”
The SSA states the average monthly SSDI benefit will increase to $1,573 in 2024 from $1,524 in 2023, resulting in an increase of $585.24 annually.
The COLA increase is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) as reported by the U.S. Bureau of Labor Statistics, and is designed to address inflationary pressures while continuing to provide vital support to SSDI beneficiaries.
In addition to the monthly income, which is calculated for former workers based on their FICA payroll contributions during their working years, SSDI beneficiaries receive:
- Dependent benefits (for children under the age of 18).
- Return-to-work incentives (free assistance in rejoining the workforce while retaining SSDI benefits).
- Medicare benefits (effective 24 months after SSDI cash benefits commence).
- Protected retirement benefits (SSDI approval freezes earnings records, resulting in higher retirement income).
- COBRA extension (extended up to an additional 11 months).
For more information about applying for SSDI benefits or to determine eligibility, visit allsup.help/cola-2024 or call 1-800-678-3276.