The Social Security Administration announced a 3.2% increase for Social Security and Supplemental Security Income (SSI) beneficiaries in 2024.
The Cost of Living Adjustment, or COLA means people will see a larger dollar amount on their benefits checks. This increase has been implemented to help cover increasing costs - like housing, food, and utilities.
People who receive benefits see an automatic raise on their checks near the end of December and into January.
How This Increase Impacts People with Disabilities
Before that happens, it's a good time to review how this benefit increase will affect job seekers with disabilities. Financial planners advise beneficiaries to consider whether the increase can be used to lower debt or even start an emergency savings fund.
For people who are on Medicare or Medicaid, the increase may not seem as large because some of the money could go to help pay increased insurance premiums. In addition, taxes may change for some beneficiaries.