COLA Increases and SSDI: What You Need to Know
Every year, the Social Security Administration makes a cost of living adjustment (otherwise known as COLA). These changes usually raise your monthly SSDI benefits. So what can you expect from COLA SSDI increases this year? And how can you get the benefits you need?
Last Year’s COLA Increases Compared to Now
COLA increases typically follow inflation. And last year, inflation skyrocketed. You may remember the sudden and scary increase in the cost of gas, groceries, and more.
As a direct result, SSDI recipients got an 8.7% increase in their monthly benefits. This was an unusually high amount that made news when it happened.
However, this year, inflation has slowed in comparison. As a result, the SSA has set a lower cost of living adjustment.
These are federal increases, so they don’t take local or state issues into account. (For example, if your city has a higher cost of living than normal or your state increased taxes.)
The 2024 COLA Increases for SSDI
This year, SSDI benefits will rise by 3.2%. That means if you receive $1000 a month now, in 2024 that number would rise by $32.
These changes take effect automatically in January 2024. If you already receive SSDI, you don’t need to apply for the new amount. The changes will be reflected in your regular check or deposit.
For some people, the COLA increase will be an enormous relief. But all too often, even with slight increases, your SSDI benefits might not cover all of your basic needs. With that common issue in mind, we’ve written some material on working part time while receiving SSDI.
Our goal as SSDI attorneys in Memphis is to help people get the benefits they need with the best quality of life possible.
If You Need Social Security Disability and Can’t Get It
COLA SSDI increases only help if you’re already receiving SSDI in the first place. Unfortunately, that can be an extremely difficult process that takes a lot of time.
The SSA denies the majority of claims on the first try. After that, you have 60 days to appeal or you have to apply again. And for the best chance of success, you really need help to get it right.
That’s where we come in.
Our Memphis SSDI lawyers investigate your claim, strengthen your application, represent you in your appeal, and don’t get paid a penny unless we win your case. Even then, it’s only a small fraction of your past-due benefits. You keep all of your benefits moving forward.