When will qualified SSDI beneficiaries’ bank accounts reflect the 2025 COLA increase? It has been certified by the Social Security Administration. Actually, the 2.5% COLA hike begins in January, so it won’t be in 2024. Therefore, you won’t be eligible for a cost-of-living adjustment raise just yet if you have disability insurance.
Only those who receive Supplemental Security Income in the United States will be eligible for the 2025 COLA rise in 2024. You will receive the 2025 COLA rise for SSI on December 31, 2024, if you received SSDI on December 3 and SSI as well.
Date for the 2025 COLA if you are on SSDI
The first Social Security Disability Insurance payment under the new COLA will be made on January 3, 2024. To receive money on this payday, you must have applied for and been granted benefits prior to May 1997.
If you also receive Supplemental Security Income, you can begin receiving SSDI on January 3, 2025, if you haven’t already. Disability Insurance benefits will also be paid on the following dates as a result of the 2025 COLA increase:
- 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?
All SSDI benefits will increase by 2.5 percent. That means that for every $100 you receive from Social Security, you will receive $2.50. This implies that your new check after COLA will be $1,025 if you receive a $1,000 payment.
After the COLA rise, you will receive around $1,580 if you receive SSDI and are eligible for an average payment of $1,542 in 2024. This is an additional $38 per month, which is roughly $11 less than the typical retiree boost.
The largest SSDI payout will increase by the COLA from $3,822 to $4,018, which is the same amount. As you can see, the ordinary COLA that everyone receives has nothing to do with this hike.
This is because the taxable maximum must increase more than the yearly COLA in order for these payments to be made.
See Also: You will receive a new Social Security payment today if you are retired and your birthday occurs between the first and tenth of the month.
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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.