In a few days – or weeks – the decision of the Social Security Administration (SSA) regarding the Cost of Living Adjustment (LINE). The key date is the month of October, although the day has not yet been mentioned, it is expected to be after the Bureau of Labor Statistics releases inflation data for September.
Thus, the organization will have sufficient statistics to determine a percentage in favor of the retirees’ income. But not only this group benefits from COLA, so do those who receive disability income, through the Social Security Disability (SSDI)also administered by the SSA.
Through the COLA, an adjustment is made to Social Security benefits on an annual basis, as it ensures that it is in line with inflation in the United States. In 2022, a COLA was approved for 2023 that was 8.7%, the highest amount in four decades. This also impacted SSDI beneficiaries.
How much will the increase in Social Security Disability benefits be?
By 2024, COLA is expected to be much less generous, which would also influence the benefits that SSDI members receive. According to Senior Citizens Leaguea nonpartisan advocacy group, COLA’s SSDI increase in 2024 may be 3.2%.
In fact, other analysts recognize that, although it is a percentage of 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 decades, which was 2.6%.
These percentages are only a reflection that inflation has slowed down, so the purchasing power of people who receive these benefits should remain the same, experts agree.
If the 3.2% percentage of COLA 2024 is a reality, the benefits of those who receive SSDI will increase on average about $103.20 dollars per month.
2023-09-24 18:28:58
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