Many of the US citizens who have the disability benefit are going to receive a check with an increase this May 8, 2024, product of this year’s COLA, one of the biggest advantages of cashing the Social Security disability check is that the beneficiary has the peace of mind that year by year in the payment will see an increase thanks to the COLA, the cost of living adjustment, gives retired citizens the peace of mind to effectively deal with the issue of inflation.
While it is true that retirees cannot become rich with the COLA increment, it is also a reality that they do not lose purchasing power. Ultimately, the objective of this action by the government entity is to guarantee Social Security retirees and other beneficiaries from Social Security so that they can continue to maintain a good standard of living.
How Much Do the Social Security Payments Increase on May 8?
The truth is that in the payment of Social Security for retirees on May 8, 2024, the same amount will be maintained as in the previous months of this year 2024, but if we see the check for this month of May, against the payment of the Insurance benefit Social of the check that was drawn in the month of May, it can be seen that the amount received is greater.
The maximum amount drawn for Social Security disability benefits in the month of May 2024 is $4,873 per month, which means that citizens who have retirement in this category can receive a payment of almost $5,000, although it is true, the maximum benefit does not apply to all beneficiaries.
Regardless of the amount of your check for the month of May, you will notice an increase in the amount you receive from the benefit starting at the beginning of this year. The 2024 COLA is 3.2%, which, although it is not a very large amount, is sufficient to cope with current inflation.
Who Receives the Social Security Check on May 8, 2024?
Only a group of Americans are the ones who will receive thedisability benefit on May 8, 2024, this group corresponds to citizens who meet the following two requirements, these requirements are related to their birthday and, in addition, the year in which they retired.
- Have a disability benefit or other reason from May 1997 onwards.
- Regular retirees with birthday between the 1st and 10th of any month.
And there is no other requirement for the Social Security Administration (SSA) send us a Disability check on this dayHowever, if you have Direct Deposit activated you can have the money available on the same day of payment, on the contrary, if you do not have it activated the payment will arrive a few days after being sent.
To give you an idea, it has been projected that Social Security benefits will have a Cost of Living Adjustment (COLA) lower next year 2025, and the amount of that increase that has been forecast may not be enough to offset the effects of the inflation, annually to citizens who have the benefit of Social Security an adjustment is made through COLA to rescue the purchasing power of the beneficiaries against inflation.
This adjustment is based on changes in the IPC-W (a component of the Consumer Price Index) during the third quarter, from July to September. For example, in 2023, the CPI-W increased by 3.2% in this period, resulting in a COLA of 3.2% for 2024.
The Social Security Administration must wait until the Department of Labor releases its September inflation report on October 10, 2024 to calculate the official COLA for 2025., However, the Senior Citizens League, a nonpartisan, nonprofit advocacy group, has already discussed several COLA forecasts, each higher than the last.
