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Cost-of-Living Adjustment for 2024

by | Nov 22, 2023 | Social Security Disability |

On October 12, 2023, the Social Security Administration announced a 3.2% benefit increase for 2024. This cost-of-living adjustment (COLA) is substantially smaller than last year’s COLA which saw a benefit increase of 8.7%, the biggest COLA in more than 40 years.

Beginning in January of 2024, approximately 66 million Social Security beneficiaries will see an increase in benefits. For the approximately 7.5 million SSI beneficiaries, the cost-of-living adjustment will begin on December 29, 2023.

The average Social Security benefit will increase by $50. For SSI recipients, the federal maximum will increase from $914 to $943 a month for individuals and from $1,371 to $1,415 for couples.

The threshold for substantial gainful activity (SGA) will also increase in 2024. In order to be eligible for disability benefits, a person must be unable to engage in substantial gainful activity. A person who is earning more than a certain monthly amount is ordinarily considered to be engaging in SGA. The threshold for SGA will increase from $1,470 a month for the non-blind and $2,460 for the blind to $1,550 for the non-blind and $2,590 for the blind.

To learn more about Social Security disability and SSI benefits, contact an experienced Social Security disability attorney at Gardberg & Kemmerly, P.C. today at 251-343-1111 for a free case evaluation. Gardberg & Kemmerly, P.C. represents Social Security disability claimants in Alabama, Mississippi, Florida, and Louisiana at all levels of the disability process from initial application to appeals to Federal Court.



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