How Social Security Disability Insurance and Supplemental Security Income Will Change in 2024

social security law on small chalkboardEach year, the Social Security Administration makes changes to Social Security disability benefits. For example, each year there is a cost-of-living increase. There are also changes to income limits and modifications to Supplemental Security Income.

Sigman Janssen has compiled a helpful guide to the changes taking effect in 2024. It is important to stay updated on these changes because they affect eligibility for benefits and the amount of benefits you may receive.

Sigman Janssen has been helping people apply for disability benefits for decades. If you have applied and been rejected or you are considering starting an application, our Appleton Social Security Disability lawyers may be able to assist you. There are no upfront costs and we do not get paid unless you receive benefits.

Contact our firm today to discuss your application: (877) 888-5201.

What Is the Cost-of-Living Increase for 2024?

Each year, the Social Security Administration (SSA) applies a cost-of-living adjustment (COLA) to disability and retirement benefits. The SSA monitors consumer prices and employee wages to determine how much monthly benefit payments will increase. The increase applies to all Social Security beneficiaries, including those receiving disability.

The goal of the annual COLA to Social Security benefits is to prevent inflation from chipping away at the purchasing power of those receiving benefits.

In 2024, the Social Security Administration (SSA) will increase monthly benefit payments by 3.2 percent:

  • The SSA is increasing the average monthly Social Security Disability Insurance (SSDI) benefit payment to $1,537. This is an increase of $48 from $1,489.
  • The SSA is increasing the maximum benefit for individuals on Supplemental Security Income (SSI), from $914 to $943.
  • The SSA is increasing the maximum (SSI) benefit for married couples to $1,415 per month from $1,371.
  • The SSA is increasing payments to those with a disabled parent or spouse. Your benefits will go up from $2,636 to $2,720.

New Limits on Income For Disability Applicants

The COLA also increases income limits, which are the maximum amounts of money Social Security Disability recipients can earn from work and still be eligible for benefits.

Next year, those receiving benefits can earn up to $1,550 from work and still obtain disability benefits. This is an increase of $80 from 2023 when the cap was $1,470.

Disability benefit recipients who are blind can earn a maximum of $2,590 per month and still be eligible for benefits. This is an increase of $130 from the 2023 limit. However, this limit does not apply to Supplemental Security Income recipients who are blind.

Student-Earned Income Exclusion

There are different income limits for SSI recipients who are in secondary school, attending college, or receiving vocational or technical training. They can earn up to $2,290 per month without hurting their eligibility for benefits. This is an increase of $70 compared to 2023.

The maximum amount you can earn in one year and still be eligible for benefits under this exclusion is $9,230. This is an increase of $80 compared to 2023.

Are SSI Resource Limits Increasing in 2024?

SSI benefits are not the same as SSDI benefits. People who receive SSDI benefits have a substantial work history, allowing them to earn enough work credits to be eligible for benefits. SSI benefits are for individuals who do not have a significant work history or assets.

The Social Security Administration sets a cap on assets: $2,000 for individual SSI recipients and $3,000 for married couples, including couples with children.

These rules may make it seem like it would be hard to obtain benefits, but the Social Security Administration does not count certain things as assets, such as:

  • One vehicle that you or anyone else in your household uses for transportation
  • Money or property you set aside under a Plan to Achieve Self-Support
  • Your home and the land where it sits
  • Household goods
  • And more

These assets do not hurt your ability to obtain SSI benefits.

Need Help Applying For Social Security Disability? Call Sigman Janssen Today

Do you need assistance applying for Social Security Disability?

The process can be more complicated than people realize and help from an experienced lawyer can be invaluable. At Sigman Janssen, we know how to help applicants compile a strong application, and we can represent you throughout the process.

Call today to learn more: (877) 888-5201. Free legal consultation.