People who receive SSDI are probably looking forward to getting the 2025 COLA raise. They will have to wait until January 2025, though, to get this extra money from Social Security.
Remember that Social Security won’t say how much the 2025 COLA increase will be until October 10, 2024. So, people who get SSDI should look at the most recent predictions.
SSDI & the 2025 COLA projection
A big, neutral group for seniors in the US called the Senior Citizens League says that the COLA for Social Security will be about 2.57%. Let’s see how it stacks up against the other COLAs:
- 2024 COLA: 3.20%
- 2023 COLA: 8.70%
- 2022 COLA: 5.90%
- 2021 COLA: 1.30%
You may already know that the COLA for SSDI isn’t very high, but it is higher than many other times. You can save this extra money for a disaster thanks to COLA.
People who think the COLA for 2025 is too low should put it away. This way, they can have an emergency savings of about $468 on average. Just so you know, the average Disability Insurance amount is $1,538. After the 2025 COLA, it could go up to $1,577.
SSDI possible amounts in 2025 after the new COLA
If there was a 2.57% COLA for SSDI in 2025, people who get it would get an extra $2.57 for every $100 they get from Social Security. Let’s say your unemployment check is $100. It would be worth 102.57 dollars now.
The most you could get is $1,025.7 for every $1,000 you get from Social Security Disability Insurance. That’s 102.57 times 10. Some workers may have been paid more, and they may be able to get $2,000 since that.
That means your SSDI payment would go up to $2,051.4. Disability Insurance will pay out more than $3,822; this is the most that can be paid in 2024.
If you just filed for and were approved for SSDI but don’t get much more than the average $1,538 a month, you could also get SSI payments. SSI can give you an extra $695 on average.