Social Security Disability (SSDI) beneficiaries are those people who have paid their Social Security taxes and meet the eligibility requirements. They must be aware of the payment dates in order to properly manage their financial affairs.
In July 2024, SSDI payments for those whose payday falls on the third and fourth Wednesdays of the month are especially important. The payment dates are detailed below, and information about the maximum SSDI benefit for 2024 is provided, as well as the factors that influence the amount of these benefits.
SSDI Payment Dates in July 2024
For SSDI recipients who receive their payments on the third and fourth Wednesday of the month, the payment dates in July 2024 are as follows:
- Third Wednesday: July 17, 2024
- Fourth Wednesday: July 24, 2024
Maximum SSDI Benefit in 2024
The maximum SSDI benefit for 2024 is expected to increase compared to the 2023 maximum due to annual cost of living adjustments (COLA). The exact maximum profit for 2024 is $3,822.
This increase is determined by the Social Security Administration (SSA) based on inflation (CPI-W, by the Bureau of Labor Statistics) and other economic factors. Crucially, most SSDI recipients receive less than the maximum benefit, as the specific amount is based on their average lifetime earnings before becoming disabled.
Factors that Affect the Amount of the SSDI Benefits: They Could Be Reduced
The amount of SSDI benefit an individual can receive is influenced by several significant factors:
- Average Indexed Monthly Income (AIME): The SSA calculates the AIME from the lifetime income of a worker.
- Years of Work and Contribution: The number of years a person worked and paid Social Security taxes influences the benefit amount.
- Age at Becoming Disabled: The age at which an individual becomes disabled also affects the calculation of the benefit.
- Current Income and Resources: This factor applies only for SSI and not for SSDI.
Calculation of the SSDI Benefits
The SSA uses a complex formula to calculate the amount of the SSDI benefit, based on the beneficiary’s AIME. The formula applies fixed percentages to different portions of the AIME to arrive at the Primary Insurance Amount (PIA), which is the base amount used to determine the monthly SSDI benefit.
To estimate the potential benefit of SSDI, it is recommended to use the SSA online benefit calculator or contact the local SSA office for assistance.