On Thursday, October 12th, Social Security announced that the cost-of-living adjustment (COLA) for 2024 will be 3.2%. This adjustment follows a 5.9% COLA in 2022 and a record-high increase of 8.7% in 2023.
This coming year, Social Security beneficiaries will see a 3.2% boost to their monthly paychecks to combat inflation, which continues to increase the cost of living and consumer goods. Most Social Security beneficiaries will see this adjustment reflected on their checks in January 2024, while Supplemental Security Income beneficiaries could see a change in December.
How is COLA Calculated?
The Cost of Living Adjustment (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, then compared with the previous year’s third quarter average. If there is an increase, the COLA is adjusted accordingly.
Impact of 2024 COLA on Disability Payments
With the COLA, the Social Security disability substantial gainful activity (SGA) thresholds are as follows:
- $1,550 per month for non-blind claimants.
- $2,590 per month for blind claimants.
- $1,110 per month for those in a trial work period (TWP).
The Social Security Administration (SSA) projects that the average monthly Social Security benefit for disabled workers in 2024 will be $1,537.
NC Social Security Disability Attorneys With Compassion
As inflation continues to raise the cost of bills, groceries, and more, millions of disabled Americans may worry about their financial security. Fortunately, you’re not alone, and our experienced Social Security Disability attorneys at Henson Fuerst are here to help. We will walk you through the Social Security Disability application process every step of the way and ensure that you receive the benefits you need to support yourself and your household. Speak with us for free today.
Contact us by submitting a form below or calling our office at 919-781-1107 for a free consultation.