SSDI Waiting Period: The average Social Security Disability Insurance payment increased by 4 percent in March 2023.
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Mostly, SSDI benefits are affected by the annual cost-of-living adjustment.
The adjustment included an increase of 3.2 percent in benefit amounts, with an additional 0.8 percent attributed to higher salaries for disabled workers.
Among SSDI beneficiaries, the increase in new recipients compared to those already receiving benefits is a major contributor to the overall rise in average income.
About 318,000 individuals have begun receiving SSDI benefits in the past year, bringing the total to 8,736,000, with the majority being disabled workers.
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SSDI recipients who celebrate birthdays between the 11th and 20th of any month received their checks yesterday, while those with birthdays between the 21st and 31st can expect their April payment on Wednesday, April 24.
SSDI benefits have a mandatory waiting period of five months from the date of approval, which is vital for future beneficiaries. However, those with ALS-related disabilities approved after July 23, 2020, are exempt from the waiting period.
The waiting period ensures that long-term disabilities get benefits and verifies their severity and duration before payments start.
SSDI applications require a strategic financial plan and an understanding of potential waiting periods.
Planning and understanding these factors can streamline the process and help you manage your money better.
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What is the difference between SSDI and Supplemental Security Income (SSI)?
Besides retirement benefits, Social Security also offers disability and life insurance.
To qualify for Social Security benefits, beneficiaries must meet certain requirements established by the Social Security Administration (SSA).
Unlike SSI benefits, SSDI requires beneficiaries to have made contributions before becoming disabled in order to qualify; otherwise, they will not be accepted.
The SSDI payment schedule for May has been confirmed
Based on the beneficiary’s birth date, disabled individuals will receive three rounds of payments this month on May 8th, 15th, and 22nd.
The official Social Security benefits calendar for 2024 provides detailed information about all upcoming disability benefits.
- May 8th: Seniors and disabled individuals born between the 1st and the 10th
- May 12th: Seniors and disabled individuals born between the 11th and 20th
- May 22nd: Seniors and disabled individuals born between the 21st and the 31st
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