How Much Social Security Disability Can You Receive In 2024?

If you are disabled, you may already be receiving Social Security disability benefits. If you aren’t, you may be considering making a claim. If so, that’s understandable—these benefits can be a significant source of financial support and stability during a difficult time.

You may be wondering – if I am approved for benefits, how much might I receive in 2024? That’s an excellent question to ask. Let’s take a closer look at the types of benefits available and how they are calculated.

What Types of Benefits Are Available?

Those who believe they may be entitled to seek Social Security disability benefits should keep in mind that there are two types of benefits administered and provided by the Social Security Administration. These include:

• Social Security Disability Insurance (SSDI): SSDI benefits are paid by the Social Security Administration to those individuals with a qualifying medical disability that has rendered them disabled for one calendar year or more, and who are “insured.” The Social Security Administration considers individuals to be “insured” if they have worked a qualifying job for a sufficient length of time through which they regularly pay a portion of their salary in taxes to the Social Security Administration.
• Supplemental Security Income (SSI): As is the case with SSDI benefits, in order to receive SSI benefits, an individual must have a qualifying medical disability that has rendered them disabled for one calendar year or more. Unlike the case with SSDI benefits, however, a person does not have to be “insured” to receive SSI benefits. They do, however, need to have income and resources below a certain threshold established by the Social Security Administration.

Depending on your particular circumstances, you may qualify for one (or both) of these types of benefits. Let’s examine how each type of benefit is calculated.

How Are SSDI Benefits Calculated?

The Social Security Administration calculates SSDI benefits using a method that measures average earnings at the jobs from which you paid Social Security tax on your wages. Typically, this method excludes income on which the recipient did not pay Social Security tax.

After the Social Security Administration adjusts past earnings for inflation and calculates the average of the recipient’s 35 highest-earning years, it will apply what are known as “bend point” percentages to portions of those average earnings. Often, these figures are called “bend points” because when the formula is graphed, it appears as a series of line segments that are joined at those amounts. In 2024, the bend points are 90% of the first $1,174, 32% of any amount between $1,174 and $7,078, and 15% of any amount above $7,078.

The total for each bend point is added together to calculate the recipient’s “primary insurance amount,” or PIA for short. The PIA is how much you will receive if you qualify for SSDI benefits. It’s also important to remember that the Social Security Administration sets maximum limits for the amount of benefits that can be paid each year. In 2024, the maximum monthly SSDI payment is $3,822.

How Are SSI Benefits Calculated?

How much an individual can receive in SSI benefits depends, in part, on earned income. To qualify for SSI benefits, an individual must have income of less than $1,000 per month and total assets of less than $2,000 for individuals and $3,000 for married couples.

Generally, an individual’s monthly SSI benefit is the maximum SSI benefit rate minus an individual’s countable income. Additionally, other benefits and certain income exclusions will likely apply. In addition, in determining what is considered “income,” the SSA considers certain types of income to “count” and other types not to.

If you have questions about countable and non-countable income or whether or not you qualify for an income exclusion, it’s best to consult a knowledgeable and experienced attorney who can review your particular circumstances with you and give you personalized advice.

Ultimately, while SSI benefits can certainly help reduce financial stress, it would be challenging to live on these benefits alone. The maximum SSI payment in 2024 is $943 per month.

Keener Law – Here For You

At Keener Law, we understand that Social Security disability benefits can be a vital source of financial support when you’re unable to work and provide for yourself and those you love as you usually would. Understandably, you want to do all you can to maximize the benefits you receive and fully assert your rights. We’re here to help you do that. We understand every aspect of the law pertaining to Social Security disability benefits, and we’ll fight for what you need and deserve. If you’re ready to get started, give us a call today. We look forward to speaking with you soon.