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What Changes Are Coming To Social Security In 2024

Published by GLmanage

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2024 is bringing significant updates to Social Security, especially for those receiving Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). These changes are crucial for individuals who rely on these benefits for their livelihood.

Cost-of-Living Adjustment (COLA) Increases

  • SSDI Benefits: Starting in January 2024, the average monthly SSDI benefit will increase by $48 due to the COLA. This means the average monthly benefit will rise from $1,489 in 2023 to $1,537 in 2024.
  • SSI Benefits: The maximum federal SSI payment will see an increase from $914 to $943 monthly. For eligible married couples, the payment will go from $1,371 to $1,415.

Adjusted Income Limits

  • SSDI Income Limits: The threshold for earnings will be adjusted. In 2024, SSDI recipients can earn up to $1,550 monthly from employment without affecting their benefits (up from $1,470 in 2023). The limit is higher for blind recipients, who will be able to make $2,590 per month.
  • SSI Income Limits: SSI recipients also face income limits. Any countable income exceeding the set standards could affect their benefits. In 2024, the federal payment standard for single individuals will be $943, and $1,415 for couples.

Trial Work Period

The trial work period allows SSDI beneficiaries to test their ability to work for at least nine months without impacting their benefits. In 2024, the amount that counts towards the trial work period quota will increase to $1,110 (up from $1,050 in 2023).

Do You Have to Pay Taxes on SSDI?

Whether or not you pay taxes on your Social Security Disability Insurance (SSDI) benefits depends on your total income:

  • Individuals: If you file a federal tax return as an individual and your combined income (your adjusted gross income + nontaxable interest + half of your SSDI benefits) is between $25,000 and $34,000, you may have to pay taxes on up to 50% of your benefits. If it’s more than $34,000, up to 85% of your benefits may be taxable.
  • Couples: If you file a joint return, and you and your spouse have a combined income between $32,000 and $44,000, you may have to pay taxes on up to 50% of your benefits. Over $44,000, up to 85% of your benefits may be taxable.

It’s important to note that these income thresholds can change, so it’s advisable to check the latest figures from the IRS or consult with a tax professional for the most current information.

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What About SSI?

This type of social security payment is not taxable. Since SSI is a needs-based program for individuals with limited income and resources, the benefits received under SSI are not subject to federal taxes.

What New SSDI and SSI Claimants Can Expect in 2024

For those planning to apply for Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) this year, it’s important to be prepared for the process:

Understanding Wait Times:

The Social Security Administration (SSA) often has long processing times. It’s not uncommon for SSDI and SSI claimants to wait several months for their application to be reviewed. Social Security attorneys, through our professional organization NOSSCR, are working in Washington to reduce SSA wait times and get people their benefits sooner.

Preparing Your Application:

To make your application more likely to be approved, gather the following:

  • Detailed medical records documenting your disability.
  • Statements from treating physicians.
  • Proof of any tax-exempt interest and other income sources.
  • Documentation of your work history and any previous benefits received.

Appealing Denied Claims:

If your initial claim is denied, don’t be discouraged. Many applicants successfully appeal their decision.

The appeals process can involve several stages, including reconsideration, a hearing before an administrative law judge, review by the Appeals Council, and potentially a federal court review.

How A Disability Lawyer Can Help:

A lawyer experienced in disability claims can significantly improve your chances of approval. They can assist with:

  • Accurately completing application forms to ensure all relevant information is included.
  • Requesting medical records from all of your doctors.
  • Gathering and presenting evidence effectively.
  • Navigating the appeals process if your claim is denied.
  • Understanding tax credits and how your benefits are taxable, if applicable.

Financial Considerations:

Understand that while SSI benefits are not taxable, SSDI benefits may be, depending on your total income.

The maximum social security benefit you can collect will depend on your work history and earnings. Applying for disability benefits can be a complex process, but being well-prepared and informed can make it smoother.

Remember, seeking legal assistance can provide valuable guidance and support, whether you’re just starting your application or navigating the appeals process.

The Law Office of Gerard Lynch

For personalized assistance with your disability claim, reach out to The Law Office of Gerard Lynch. Our experienced team can provide valuable guidance and support as you navigate the changes in Social Security benefits. Contact us for a disability claim consultation to ensure you’re well-prepared for the SSDI and SSI changes coming in 2024.

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Frequently Asked Questions

Do I have to be disabled permanently to receive Social Security Disability (SSD)?

A claimant needs to be disabled for at least 12 months or have a medical condition that is terminal or expected to lead to death. Sometimes a claimant is not disabled permanently. In a certain time frame, when they are disabled from working, they could qualify for disability benefits.

It is possible, but rare to receive benefits without any medical evidence to back up your claim. If you do not have recent medical records, it is much harder to win a case. There is a possibility, though not common, that your case might be approved simply by going to a consultative exam by the SSA, where a doctor gives you a physical or mental examination.

One benefit of working with our office is that we will look carefully at your case. If you do not have enough current medical evidence for your claim, we can often give you information about low-income or indigent health services that can help establish a medical record for a low cost or free.

No fees, unless we win your claim! Our law firm, the Law Office of Gerard Lynch, only charges our clients if we win their SSD or Supplemental Security Income (SSI) benefits. We charge on a contingency basis, 25% of the back pay awarded to a claimant when we win the case. As of Summer 2024, our fee is capped at $7,200. The fee cap is set by the Social Security Administration (SSA) for all representatives, and is periodically adjusted for inflation just like monthly SSD and SSI benefits. Social Security pays us directly so our claimants don’t have to write a check. If we do not win a case, we do not charge anything no matter how much work we have done. Once a client wins and their monthly checks begin, they will keep 100% of their checks.

Social Security Disability (SSD) comes from FICA taxes that are deducted from paychecks during the work history of a person. Every month that a person works and reports income to the government, taxes are deducted which are paid into social security. When FICA taxes are taken out of paychecks, most of it goes into the general Social Security retirement fund. However, a smaller portion goes into the general Social Security disability fund.

Contrary to popular belief, no one has an account set up with the SSA by default, even though all Americans are required to pay taxes into social security. People who become disabled over their lifetime and are not yet eligible to get their full-age retirement benefits can get benefits from the disability fund. They’ll need to apply for these benefits and get approved to receive them.

Supplemental Security Income (SSI) is a different program for disabled people and it is like a form of welfare. More specifically, it is for people who are either too young to have paid enough into the system or have not worked recently enough to receive Social Security Disability (SSD). To receive Supplemental Security Income (SSI), a claimant has to be equally disabled as a person who receives Social Security Disability (SSD) – the standard for determining disability is the same. One of the main differences in deciding which claimant receives Social Security Disability (SSD) or Supplemental Security Income (SSI) comes from the amount of money paid into the Social Security system over one’s lifetime.

It should also be noted that SSI carries much stricter income and resource qualifications for someone to get approved and maintain these benefits.

If you have any additional questions that we did not answer above, please get in touch with our team at The Law Office of Gerard Lynch. Unlike the larger Social Security disability lawyers of Houston, our office will make sure you’re treated as more than just a claim. Let our attorney review your disability claim and help you seek the peace you deserve.

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