2025 COLA SSDI Increase: The first payment of SSDI in October is scheduled on October 2024 where all the beneficiaries will get their payment in bank account directly. Beneficiaries will get the regular payment according to the current 3.2% COLA rates in 2024, But the government is planning to increase COLA rates in this month and beneficiaries will get the new increased payment accordingly after announcement.
So if you are also getting your disability allowance in USA through the SSDI program then can check this article where we will share with you the new updates on SSDI COLA Increased payment including the revised eligibility criteria, application procedure, date of releasing the 2025 COLA SSDI Increase payment, new rates of COLA etc.
2025 COLA SSDI Increase
The cost of living adjustment is annually increased and revised by the social security administration which helps different beneficiaries in the country who are getting social security payment. Cost-of-Living Allowance, is a type of allowance designed to offset the higher cost of living in a particular location. In the context of the United States, COLA is used to compensate individuals for the increased cost of living in certain areas, particularly in cities with a high cost of living. Currently citizens are getting their payment according to the 3.2% rates of the COLA for the year of 2024. But as government is revising the rates for the upcoming year of 2025, so citizens are continuously checking the activities of the officials and government and looking to get the new updates on COLA rates.
2.5% COLA in 2025
The cost of living adjustment is scheduled to be revised in October 2024 for the upcoming year, but will be implemented from the first January 2025. COLA is determined by the percentage increase in the CPI-W from the third quarter of the previous year to the third quarter of the current year. So there are many economists and financial stakeholders in the country Who are releasing their reports to predict the upcoming increment in COLA and most of them are suggesting that it will be increased 2.5% to 2.6%. The Bureau of labour statics- BLS prepared monthly data of CPI in the country for different states and cities, so Economist are analysing reports of the previous months and after that analysing that The overall inflation is increased up to 2.5% in this year, so there are highly chances to Announce new rates with the range of 2.5%.
Effect of COLA Increment on SSDI beneficiaries
As per the report, beneficiaries of social security disability income- SSDI will get only 2.6% or 2.5% increment in their payment, so it will not make a huge amount in their bank account. As beneficiaries are already getting 3.2% rates of COLA in this year and it was 8.7% for the year of 2023 where all the registered beneficiaries received huge payments in the bank account. Currently individual applicants are getting up to the $943 in October 2024, however if you are applying with your partner then you can get the maximum amount of $1,415. Apart from this individuals can also get other disability benefits according to the level of the disability. This amount is released with the currently 3.2% COLA but if government increase up to 2.5% COLA in 2025 then beneficiaries can get $35 or more According to their eligibility criteria.
Payment releasing date
The first payment of SSDI is scheduled on the 9th October 2024 which will be provided to only those who born between 1 to 10 of a month, after that other beneficiaries who born between 11 to 20 of a month will get their payment on 16th October And rest of the beneficiaries who born after 21 will get their payment on 23 October onward.
