The COLA increase is undoubtedly a very big advantage for United States citizens with a Disability check. Because of this, benefits can go up a bit, which means that beneficiaries do not lose purchasing power. At the end of the day, if inflation continues to increase and retired citizens are unable to have the COLA, they may end up in financial trouble.
For that reason, the COLA becomes really critical over the years. This system is useful for many reasons, but the main one is that it helps all retirees to continue to maintain their standard of living. And in this year 2024 we have seen an increase of over $100 in cases where retirees had the largest check possible.
What is the maximum amount of the Disability Benefit in 2024?
After applying the 2024 COLA, Disability Benefit payments reach $3,822. In the case of having the maximum check in the previous year 2023, as of today our payment has increased by over $100. Therefore, we are looking at a fairly large increase over the previous year.
Mind you, regardless of the amount we got in the previous year 2023 our payment increased in early 2024. The COLA ensures that all disability beneficiaries receive a larger check to directly address inflation.
It should also be noted that not only Disability check recipients can get this annual COLA increase. In addition to these benefits, Age Retirement recipients, as well as Supplemental Security Income recipients, also get this annual increase. Since it is a percentage and not a set amount, each American gets a completely different increase.
When does the next Disability payment arrive?
The next Social Security Disability payment will be the last of the payments for the entire month of August. The exact day will be on the 28th of the month and only a specific group of Americans will be able to enjoy this check. Checking the requirements is enough to know if we are eligible for the payment or not.
The first requirement is to have a retirement benefit since after May 1997. The second requirement is to have a birthday between the 21st and 31st of any month. We do not need to meet another requirement for the Social Security Administration to pay us this Disability check, but the method of collection may affect the day we get the money.
If we activate Direct Deposit, we will not have to wait even one day to get paid on that day. If we do not activate this collection method, the money will also arrive, but a little later. Everything will depend on whether we are eligible or not and on the collection method in order to receive the Disability Benefit payment as soon as possible.