As the cost of living in the U.S. continues to rise, 71 million Social Security beneficiaries across the nation still need to make ends meet. That’s why there’s the Cost-of-Living Adjustment (COLA) at the end of every year to increase Social Security checks to combat inflation and ensure beneficiaries’ financial stability for the coming year.

The Social Security Administration (SSA) recently announced a COLA of 3.2% for 2024. This follows a 5.9% COLA in 2022 and a record-high increase of 8.7% in 2023. If you are applying for or already receiving disability benefits, here’s what this means for you.

New Disability Payment Amounts with COLA

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