Anticipating the 2024 Social Security Disability COLA Increase. As we approach January 2024, millions of Social Security Disability beneficiaries are eagerly awaiting a crucial financial update: the 3.2% COLA increase.
Anticipating the 2024 Social Security Disability COLA Increase
This increase, issued by the Social Security Administration, applies to all Social Security beneficiaries in the United States. In this article, we’ll explore what this COLA increase means and what information you need to apply for Social Security Disability payments.
Understanding the 2024 COLA Increase for Social Security Disability
The 3.2% COLA increase scheduled for 2024 will impact all Social Security beneficiaries, regardless of their benefit type. This uniform increase provides financial relief and stability for recipients. While this percentage may not be as substantial as in previous years, it plays a vital role in preserving the purchasing power of retirees.
For those receiving disability benefits, the current maximum monthly check from Social Security is $3,627. With the upcoming increase, starting in January 2024, this amount will rise to $3,743. While this increment may seem modest, it serves as a buffer against inflation, helping to maintain financial security.
Additionally, Social Security Supplemental Security Income recipients will also benefit from the COLA increase in 2024, ensuring their payments keep pace with the cost of living.
Preparing for Social Security Disability Payments: What You Need
Before applying for Social Security Disability payments, it’s essential to gather the necessary information. To simplify the process, we recommend using the Adult Disability Checklist. This checklist helps you compile the details required to complete your application. Below are the categories of information you need to provide:
[irp]Personal Information
- Your date and place of birth, along with your Social Security number.
- Details about your current and previous spouses, including their names, Social Security numbers, date of birth or age, marriage dates and locations, and divorce or death dates (if applicable).
- Names and birthdates of your children under 18.
- Transit routing number and account number of your bank or financial institution.
Medical Information
- The name, address, and phone number of a contact person who is familiar with your medical conditions and can assist with the application.
- Specific details about your illnesses, injuries, or medical conditions, including:
- Names, addresses, telephone numbers, patient identification numbers, and treatment dates of all healthcare providers, hospitals, and clinics.
- Names of medications, dosages, and prescribing practitioners.
- Names and dates of medical tests, along with the ordering physician’s information.
Work History
- Income details for the last year and the current year.
- Name and address of your employers for the current and previous year.
- Start and end dates of any active U.S. military service prior to 1968.
- A list of up to five jobs you held within the 15 years before becoming unable to work, along with the dates you worked at those jobs.
Work Benefits Information
- Information about any workers’ compensation benefits you have applied for or intend to apply for, including the type of benefit (temporary or permanent) and any annuities or lump sum payments received in the past.
- These benefits may originate from various sources, such as your employer, employer’s insurance carrier, private agencies, federal agencies, state agencies, or other governmental entities.
- Examples of these benefits include workers’ compensation, black lung benefits, longshore and harbor workers’ compensation, civil service retirement (disability), federal employees’ retirement, federal employees’ compensation, state or local government disability insurance benefits, and military disability benefits (excluding Veterans Administration benefits).
By having these details in hand, you can streamline the Social Security Disability application process and ensure you receive the support you need. Stay informed and take advantage of the benefits available to you to enhance your financial stability and daily comfort.
