When the 2025 COLArise will arrive in the bank accounts of eligible SSDI beneficiaries has been revealed by the SSA. Actually, since the 2.5% COLA rise will go into effect in January, it won’t be in 2024. Therefore, you will not be eligible for a cost-of-living adjustment increase at this time if you have Disability Insurance.
The 2025 COLA increase in 2024 will only be available to Americans who receive Supplemental Security Income. You will get the 2025 COLA increase on December 31, 2024, if you were receiving both SSDI and SSI on December 3.
Date for the 2025 COLA if you are on SSDI
On January 3, 2024, the first Social Security Disability Insurance payment with the COLA increase will be made. You must have applied for and been paid benefits before to May 1997 in order to be eligible for this paycheck.
On January 3, 2025, if you currently get Supplemental Security Income, you can apply for SSDI. In connection with the 2025 COLA increase, additional Disability Insurance paychecks are due on:
- January 8: Disability Insurance beneficiaries born from 1-10
- January 15: Disability Insurance beneficiaries born from 11-20
- January 22: Disability Insurance beneficiaries born from 21-31
How much will the 2025 COLA increase SSDI benefits?
Benefits from SSDI will increase by 2.5 percent overall. That’s two and a half dollars for every $100 you get from Social Security. Thus, your new check after COLA will be $1,025 if you receive a $1,000 payment.
After the COLA rise, SSDI claimants who are eligible for an average payment of $1,542 in 2024 will receive around $1,580. This is around eleven dollars less than the average monthly increase for retirees, or about $38 more per month.
With COLA, the maximum SSDI benefit payment will increase from $3,822 to $4,018, the highest amount ever. As you can see, the average COLA for all claimants is unrelated to this rise. This is due to the fact that the taxable maximum, upon which these benefits are based, increases more quickly than the annual COLA.
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Eliot Pierce is a dedicated writer for ChiefsFocus.com, covering local crime and finance news. With a keen eye for detail and a passion for storytelling, Eliot aims to provide his readers with clear and insightful analysis, helping them navigate the complexities of their financial lives while staying informed about important local events. His commitment to delivering accurate and engaging content makes him a valuable resource for the community.