As we step into 2024, significant changes are being introduced to the Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) programs.
These changes aim to ease financial burdens, expand access, and adjust payments to better match inflation.
For millions of Americans who depend on these benefits, it’s essential to stay informed about the updates in payment amounts, eligibility criteria, and additional rules.
Understanding SSI and SSDI
SSI and SSDI are programs run by the Social Security Administration (SSA) to provide financial assistance to disabled individuals and those with limited resources.
- SSI (Supplemental Security Income): Offers monthly payments to individuals who are disabled, blind, or aged 65 and older with limited income and resources.
- SSDI (Social Security Disability Insurance): Provides monthly payments to disabled individuals who have worked and paid Social Security taxes.
Key Updates for 2024
Cost-of-Living Adjustment (COLA)
One of the most notable changes for 2024 is a 3.2% Cost-of-Living Adjustment (COLA). This adjustment is applied to help beneficiaries keep up with inflation, which has been a growing concern over the past few years.
- SSI Payments:
- In 2023, the maximum federal benefit for an individual was $914 per month, but with the COLA increase, it rises to $943 per month for individuals and $1,415 per month for couples.
- SSDI Payments:
- The maximum benefit for 2024 increases to $3,822 per month from $3,627 in 2023. The average SSDI recipient can expect a monthly payment of approximately $1,537.
Expanded Eligibility for SSI
Another critical change involves expanding the definition of a “public assistance household,” making it easier for more people to qualify for SSI.
- The income threshold for qualifying for SSI has been increased slightly, with the monthly limit set at $1,550 for non-blind individuals and $2,590 for those who are blind.
- Work Credits: For SSDI, applicants need to earn $1,730 per quarter to receive one work credit. Four credits can be earned annually, and applicants need a minimum number of credits (ranging between 20 and 40) depending on their age.
SGA Limits
- The Substantial Gainful Activity (SGA) limit, which is the income threshold beneficiaries can earn without affecting their eligibility, has risen to $1,550 for non-blind individuals and $2,590 for blind individuals.
Resource Limits
Despite the payment increases, the resource limits for SSI remain unchanged since 1989. Individuals cannot have more than $2,000 in assets, while couples are limited to $3,000.
| Feature | 2023 Amount | 2024 Amount |
|---|---|---|
| Maximum SSI (Individual) | $914/month | $943/month |
| Maximum SSI (Couple) | $1,371/month | $1,415/month |
| Maximum SSDI Benefit | $3,627/month | $3,822/month |
| Average SSDI Benefit | $1,489/month | $1,537/month |
| SSI Income Limit (Non-Blind) | $1,470/month | $1,550/month |
| SSI Income Limit (Blind) | $2,460/month | $2,590/month |
| SSI Asset Limit (Individual) | $2,000 | $2,000 (unchanged) |
| SSI Asset Limit (Couple) | $3,000 | $3,000 (unchanged) |
Impact of These Changes
The COLA adjustment for 2024 aims to ensure that beneficiaries can maintain their purchasing power amid inflationary pressures. While the increase of 3.2% is smaller than the 8.7% adjustment in 2023, it remains above the historical average for COLA adjustments.
The expanded eligibility rules for SSI open the door for more Americans to receive benefits, especially as the SSA broadens the definition of household income.
The increased income limits and SGA thresholds also provide a safety net for individuals earning modest incomes while receiving benefits.
Conclusion
The changes to SSI and SSDI in 2024 provide much-needed relief and expanded access to millions of Americans.
While the COLA adjustment is slightly lower than last year’s, it still marks a significant increase that helps offset inflation. Expanded eligibility and higher income limits for SSI also broaden the safety net for those in need.
As these changes come into effect, staying informed and understanding how these updates impact your benefits is crucial for those receiving SSI and SSDI.
FAQs
The COLA for 2024 is a 3.2% increase, applied to SSI, SSDI, and other Social Security benefits.
The changes will take effect in January 2024 for Social Security and December 29, 2023, for SSI payments.
The maximum SSDI benefit in 2024 is $3,822 per month.
No, the asset limit remains $2,000 for individuals and $3,000 for couples.
You can apply through the SSA’s website or by visiting a local SSA office. The updated eligibility criteria will be considered during your application.
