The Social Security Administration (SSA) has introduced key updates for 2024 that will significantly impact Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) beneficiaries.
These changes are primarily driven by the Cost-of-Living Adjustment (COLA), updates to benefit limits, and rule changes aimed at improving accessibility. Let’s explore the latest details.
Key Updates for Social Security, SSI, and SSDI Payments
1. Cost-of-Living Adjustment (COLA) for 2024
The COLA for 2024 is set at 3.2%, designed to help beneficiaries keep pace with inflation. This increase applies to over 71 million Americans receiving Social Security, SSDI, and SSI benefits.
For SSI recipients, this adjustment means a monthly increase in payments starting in December 2023. SSDI and Social Security beneficiaries will see their higher payments reflected in January 2024.
2. Updated SSI and SSDI Payment Limits for 2024
The COLA increase results in notable changes to the maximum payment amounts for both SSI and SSDI in 2024:
| Program | Maximum Monthly Payment (2024) | Previous Maximum (2023) |
|---|---|---|
| SSI (Individual) | $943 | $914 |
| SSI (Couple) | $1,415 | $1,371 |
| SSDI (Individual) | $3,822 | $3,627 |
These updated figures reflect the 3.2% COLA increase.
3. Substantial Gainful Activity (SGA) Thresholds
In 2024, the SGA limit has increased, allowing disabled individuals to earn more income without jeopardizing their SSDI benefits. The new SGA limits are:
- Non-blind recipients: $1,550 per month
- Blind recipients: $2,590 per month.
These higher limits are designed to support beneficiaries who wish to engage in part-time or freelance work while still maintaining their benefits.
4. Work Credit Requirements for SSDI Eligibility
To qualify for SSDI, recipients need a certain number of work credits. In 2024, the income needed to earn one work credit has increased to $1,730, meaning a person must earn at least $6,920 to acquire the four credits necessary for the year. This change impacts those applying for SSDI, ensuring that they have a strong work history to qualify.
5. Supplemental Security Income (SSI) Rule Changes
Significant rule changes for SSI in 2024 include adjustments to income calculations. Starting in 2024, the SSA will relax its strict policies around in-kind support and maintenance (ISM), particularly regarding food assistance from family and friends.
This will simplify the SSI application process and prevent reductions in benefits for those receiving informal assistance.
Additionally, the resource limits for SSI remain unchanged at $2,000 for individuals and $3,000 for couples, but the increased payment amounts may provide more breathing room for beneficiaries.
Conclusion
The 2024 updates for SSI and SSDI bring significant improvements to beneficiaries, with the 3.2% COLA increase ensuring that payments keep pace with inflation.
The higher earning limits, simplified application processes, and relaxed in-kind support rules offer greater flexibility for recipients.
These changes reflect the SSA’s ongoing efforts to enhance the lives of disabled and low-income Americans, making it easier for them to maintain their benefits while supplementing their income.
FAQs
1. How much will my SSDI payment increase in 2024?
The 2024 COLA adjustment increases SSDI payments by 3.2%, resulting in a maximum benefit of $3,822 per month.
2. When will I see my updated SSI payment for 2024?
SSI recipients will start receiving increased payments on December 29, 2023, while SSDI beneficiaries will see their higher payments in January 2024
3. What is the new income limit for SSI in 2024?
The maximum monthly SSI payment will be $943 for individuals and $1,415 for couples, reflecting the COLA increase
4. Can I still receive SSDI if I work part-time?
Yes, as long as your monthly earnings do not exceed the SGA limit of $1,550 (non-blind) or $2,590 (blind)
5. What happens if I receive food assistance from family?
The SSA is simplifying its rules regarding in-kind food assistance, meaning that receiving food from family or friends will no longer automatically reduce your SSI payments
References
- Social Security Administration. (2024). Cost-of-Living Adjustment (COLA) Information
- Atticus. (2024). The Social Security COLA: How SSDI and SSI Are Changing
- AARP. (2024). Social Security Proposing SSI Income Rule Change
