Understanding Social Security is essential for anyone relying on monthly benefits to cover living expenses. Whether you’re on Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), or retirement benefits, knowing what has changed in 2024 can help you better manage your finances. In 2024, the 3.2% Cost-of-Living Adjustment (COLA) brought small but meaningful increases to these payments. Here’s a breakdown of the updated average and maximum monthly payments and practical tips to help you make the most of your benefits.
2024 Payment Averages for SSI, SSDI, and Retirement
Supplemental Security Income (SSI):
Average Monthly Payment – $698.35
Maximum – $943 for individuals, $1,415 for couples
SSI is for people with limited income or resources, such as older adults, or those with disabilities. Some states offer additional payments, so your total may be higher depending on where you live.
Social Security Disability Insurance (SSDI):
Average Monthly Payment – $1,537
Maximum – $3,822
SSDI supports individuals who can’t work due to disability but have paid into Social Security. Payments depend on your earnings history.
Retirement Benefits:
Average Monthly Payment – $1,920.48
Maximum – $3,822 at full retirement age, and up to $4,873 at age 70
The amount you get depends on when you retire and your earnings over the years.
Key Updates to Social Security in 2024
The 3.2% COLA increase came after the historic 8.7% increase in 2023. Though smaller, this raise still helps retirees, disabled individuals, and low-income citizens deal with rising prices. Let’s look at what this means for each group.
Supplemental Security Income (SSI) – For Low-Income Individuals
SSI helps people who are elderly, blind, or disabled with limited income or resources.
Eligibility Tips:
You must stay under the resource limit: $2,000 for individuals, $3,000 for couples
Resources like your home and one car don’t count
What You Can Do:
Track your savings to stay within the limit
Know your state’s additional benefits
Speak with a benefits counselor if you’re unsure about qualifying
Social Security Disability Insurance (SSDI) – For Those Who Can’t Work
SSDI helps people with serious health conditions that prevent them from working. You need a solid work history to qualify.
Who’s Eligible:
You must have a qualifying disability expected to last at least 12 months or result in death
You must have enough work credits – usually 7–10 years of work
In 2024, $1,640 in income earns you one credit (maximum of 4 per year)
Practical Advice for SSDI Applicants:
If denied, don’t give up – many people win on appeal
Keep all medical records updated
Get help from a disability attorney or advocate
Check your work history on My Social Security to confirm eligibility
Retirement Benefits – When and How You Claim Matters
Retirement benefits are based on your 35 highest earning years. The age you choose to retire can increase or reduce your monthly payments.
Key Retirement Ages in 2024:
62 – Earliest age to claim (with a reduction of up to 30%)
67 – Full Retirement Age for most people
70 – Delayed retirement gives you a 32% boost in benefits
Real-Life Example:
If you’re eligible for $2,000 at full retirement age:
Retire at 62 – receive around $1,400/month
Retire at 70 – receive about $2,640/month
Smart Retirement Tips:
Wait longer if you’re healthy and can afford to
Make sure you work at least 35 years to avoid zeros in your benefit calculation
Keep checking your income records online to catch errors early
The 2024 Social Security updates brought higher payments for millions across the country. With new monthly averages and maximums in place, it’s important to review your benefits, track eligibility, and plan your finances carefully. Whether you’re on SSI, SSDI, or retirement, staying informed helps you get the most out of the Social Security system.
If you’re unsure about your next steps, consult a financial advisor or visit the official SSA website for personalized support.
