Social Security cost of living adjustment for 2024

SSA announces 3.2% benefit increase

The cost of living in the United States has risen again in 2023, which means that the Social Security Administration needs to adjust the amount they pay to individuals receiving disability or other forms of Social Security benefits. The 2024 cost of living benefit increase is 3.2%.

If you have suffered an injury and need to file a claim for Social Security or are trying to qualify for Social Security benefits for other needs, let our team at Smith Jordan Law help you. With our years of experience and compassionate level of service, we are here to help you. Contact our Greenville, SC, Social Security Disability attorney today.

cost of living adjustment 2024

What the cost of living adjustment means for you

In mid-October, the Social Security Administration announced that the cost of living increase for 2024 would be 3.2%. This means that those receiving these benefits (whether through Social Security retirement funding or Social Security disability) would see an increase of 3.2% on their current monthly payment.

The agency reported that, on average, this will equate to more than $50 per month per person. For many people, that increase will mean adding money to the budget to meet their needs. The organization, which pays more than 66 million people monthly, stated that the increase would begin with payments received in January 2024. About 7.5 million people are currently receiving SSI benefits, as well.

The cost of living adjustment, sometimes called COLA, is a component of the Social Security Act. This law defines how the calculations for the cost of living are completed. Typically, this is based on the changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). It also affects the Department of Labor’s Bureau of Labor Statistics reports.

There may need to be more than this cost of living adjustment for many people to meet their financial obligations. However, increasing to 3.2% is not something we can negotiate with the organization.

Why the adjustment is so important

The increase in these benefits is critical to many people facing financial need and those dependent on the Social Security Administration for their earnings. With the cost of living in the United States rising this year over the last, everything costs more, whether that is the cost of food, transportation, or rent. Their limited budget makes affording these increasing costs difficult for many who receive these benefits. The cost of living adjustment could offer some financial relief in those situations.

How to check your personal adjustment

If you are currently receiving Social Security or Supplemental Security Income, it is possible to see how much your increase will be by logging into your My Social Security account. You can create a free account with the portal to safely access your personal information. The administration will also mail each registered individual outlining the cost of living increase, showing the specific increase you will see.

Are you eligible for disability?

At Smith Jordan Law, we help many people who are struggling with pain and physical limitations to get the support they need, and that includes helping them qualify for Social Security Disability payments. Our Greenville attorneys consistently work with clients who may be unable to work and struggle to meet financial obligations. If you are facing limitations like this, let us offer help even if you have been denied compensation in the past.

You may qualify for Social Security Disability if you are struggling with any of the following conditions:

  • Debilitating arthritis
  • Multiple sclerosis
  • Heart failure
  • COPD
  • Bipolar disorder
  • Hepatitis C
  • Chronic back pain
  • Neuropathy
  • Renal failure
  • Panic attacks
  • Diabetes

In these situations, our attorneys will work with you to determine if you meet the Social Security Administration’s requirements for impairment. We can determine that based on your limitations, the information provided by your doctor, and the expected length of your illness or limitation. We encourage you to file for disability with the help of an experienced attorney since it can be very challenging to meet the specific requirements under the law.

We’re here to guide you every step of the way

If you are disabled and ready to file for Social Security Disability, contact Smith Jordan Law. Allow our legal team to answer your questions about eligibility and even help you to appeal denied claims. We are happy to offer a free consultation to you to discuss your specific needs. Call (864) 343-2222 now to learn how we can help you.

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