In a few days – or weeks – the decision on Social Security Administration (SSA) about Cost of Living Adjustment (LINE). The key date is the month of October, although the day has not yet been discussed, it is expected that after the Bureau of Labor Statistics releases inflation data for September.
Thus, the organization has enough statistics to determine the percentage in favor of retirees’ income. But it is not only this group that benefits from COLA, so do those who receive disability income, through Social Security Disability Insurance (SSDI) also administered by the SSA.
Through COLA, an adjustment is made to Social Security benefits every year, because it ensures that it is in line with inflation in the United States. In 2022, a COLA was approved for 2023 of 8.7%, the highest amount in four decades. It also affects SSDI beneficiaries.
How much will Social Security Disability benefits increase?
In 2024, The COLA is expected to be less generous, which will also influence the benefits SSDI members receive. According to League of Senior Citizens a nonpartisan advocacy group, the increase in SSDI’s COLA in 2024 will be 3.2%.
In fact, some analysts have recognized that, although it is a percentage less than half of what was approved last year, the COLA for next year, if this line is followed, will be higher than the average of the last two years. decade, which is 2.6%.
These percentages are just a reflection that inflation has slowed down, so the purchasing power of people receiving these benefits should remain the same, experts agree.
If the 3.2% COLA 2024 percentage becomes a reality, the benefits of SSDI recipients will increase by an average of about $103.20 dollars per month.