$185 Per Month for Social Security & SSDI: The Social Security Administration (SSA) has announced an increase in monthly benefits for Social Security and Social Security Disability Insurance (SSDI) recipients in 2024. This boost is part of the annual Cost-of-Living Adjustment (COLA), designed to help individuals manage rising costs due to inflation.
Many claimants, especially those receiving disability benefits, can expect an increase of up to $185 per month. But how does it work, who qualifies, and what steps should you take? Let’s explore everything you need to know.
$185 Per Month for Social Security & SSDI
| Feature | Details |
|---|---|
| Monthly Increase Amount | Up to $185 for some claimants due to the 3.2% COLA. |
| Effective Date | January 2024 – Adjustments apply automatically for current beneficiaries. |
| Eligibility | Must be receiving Social Security or SSDI benefits; new applicants must meet SSA criteria. |
| How to Claim | No action required for current beneficiaries. New applicants can apply via the SSA website. |
| Official SSA Website | Visit SSA.gov for more information |
| Maximum SSDI Benefit | Increased to $3,822 per month in 2024. |
| SGA Limits | $1,550/month for non-blind individuals, $2,590/month for blind individuals. |
| Additional Assistance | Resources like SNAP or Medicare may be available for eligible individuals. |
The $185 monthly increase for Social Security and SSDI beneficiaries in 2024 is a welcome relief, helping disabled individuals and retirees manage rising costs. Whether you’re an existing beneficiary or planning to apply, understanding the COLA adjustment and its impact on your benefits is crucial.
Take advantage of this increase by budgeting wisely, exploring additional resources, and consulting with experts if needed. For the latest updates and resources, visit the official SSA website at SSA.gov.
What Is the $185 Monthly Increase?
Every year, Social Security benefits are adjusted based on inflation rates. The 2024 COLA increase of 3.2% ensures beneficiaries maintain their purchasing power despite rising costs. This means:
- The average SSDI monthly benefit will increase from $1,489 to $1,537, or roughly $48 more per month.
- Some higher earners could see a $185 monthly boost, depending on their earnings history.
Who Is Eligible for the $185 Increase?
Not everyone will qualify for the full $185 increase. Here’s how it works:
1. Current Social Security or SSDI Beneficiaries
If you’re already receiving Social Security retirement, SSDI, or Supplemental Security Income (SSI), you qualify for the COLA increase. The adjustment is automatic—you don’t need to reapply.
2. New Applicants
If you’re not currently receiving benefits but believe you may qualify, you’ll need to apply. SSDI eligibility is based on:
- Disability Requirements: Your condition must prevent you from working and meet SSA’s criteria.
- Work Credits: These are based on your work history and age. Typically, you need at least 40 credits (with 20 earned in the last 10 years).
- Substantial Gainful Activity (SGA) Limits: You must earn below $1,550/month (non-blind) or $2,590/month (blind).
$185 Per Month for Social Security & SSDI Claim the $185 Monthly Increase
For Current Beneficiaries
The adjustment is automatic and will be reflected in your January 2024 payment. To confirm your new benefit amount:
- Log into your My Social Security account on SSA.gov.
- Review your benefit statement, which will show the updated amount.
For New Applicants
Follow these steps to apply for SSDI or Social Security benefits:
- Collect Documents: Prepare your Social Security number, birth certificate, W-2 forms, medical records, and any documentation supporting your disability.
- Apply Online or In-Person: Start your application at SSA.gov or visit your local Social Security office.
- Submit Supporting Documentation: Provide all required documents to speed up the process.
- Track Your Application: Use the SSA’s online tools or contact their hotline at 1-800-772-1213 to check your application status.
How Does the COLA Work?
The Cost-of-Living Adjustment (COLA) is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Here’s the process in a nutshell:
- The SSA compares the CPI-W from the third quarter of the previous year to the same period in the current year.
- If inflation rises, the SSA increases benefits accordingly to match the higher cost of living.
For 2024, the 3.2% adjustment reflects moderate inflation, a significant drop from the 8.7% increase in 2023.
Practical Financial Advice for Beneficiaries
1. Review and Budget Your Benefits
- Check your new benefit amount to ensure accuracy.
- Create a monthly budget to allocate the extra funds effectively, especially for necessities like groceries, utilities, or medical expenses.
2. Explore Additional Resources
- Medicare Savings: Many SSDI recipients qualify for Medicare after two years of benefits. Check if you’re eligible for cost-saving programs.
- SNAP Assistance: You may qualify for food assistance through the Supplemental Nutrition Assistance Program (SNAP).
3. Plan for the Future
If you’re uncertain about how the increase impacts your financial goals, consider consulting a financial advisor or a disability benefits expert. They can guide you on managing benefits and exploring additional assistance programs.
Additional Opportunities for Disabled Individuals
Medicare Advantage Plans
Many SSDI recipients qualify for Medicare. In 2024, Medicare is introducing changes to reduce costs for beneficiaries. Consider switching to a Medicare Advantage Plan to save on prescription drugs and healthcare.
Tax Benefits
Disabled individuals receiving SSDI may qualify for tax deductions or credits, such as the Earned Income Tax Credit (EITC) for low-income households.
FAQs On $185 Per Month for Social Security & SSDI
1. Do I Need to Apply for the $185 Increase?
No, the increase is applied automatically for all current beneficiaries.
2. What Is the Maximum SSDI Benefit in 2024?
The maximum monthly SSDI benefit is $3,822, up from $3,627 in 2023.
3. How Do I Check My New Benefit Amount?
Log into your My Social Security account or call the SSA at 1-800-772-1213.
4. Can I Work While Receiving SSDI?
Yes, but your earnings must remain below the Substantial Gainful Activity (SGA) limit of $1,550/month for non-blind individuals or $2,590/month for blind individuals.
5. Are SSI Recipients Also Receiving a COLA Increase?
Yes, Supplemental Security Income (SSI) recipients will also see the 3.2% COLA adjustment.
