According to Vibes.okdiario In 2024, Social Security Disability Insurance (SSDI) payments can reach up to $3,822, but this is only achievable by individuals who have earned the taxable maximum for 35 years. Most recipients will receive lower amounts, as SSDI payments are based on lifetime earnings and are adjusted for inflation through the Cost-of-Living Adjustment (COLA).
The latest COLA Fact Sheet reveals that, starting in January 2025, the estimated average monthly SSDI benefit for a worker with a disability, their spouse, and one or more children will be $2,826. This average is based on those who have met the necessary earnings requirements. However, SSDI payments can vary greatly, with some individuals receiving more or less than this average, depending on their work history and earnings.
When Will the First COLA-Adjusted SSDI Payments Be Sent?
The first SSDI payments with the 2025 COLA increase will be issued on January 3, 2024. This will apply to individuals who meet one of two criteria:
- Those who began receiving SSDI before May 1997.
- Those who are receiving both SSDI and Supplemental Security Income (SSI).
If you receive both SSI and SSDI, your SSDI payment will likely be lower than the average because SSI is a needs-based program.
Also Read – Up to $472 in SSI Payments for Eligible Beneficiaries – New Date Revealed
Paydays for SSDI Recipients in January 2024
For other SSDI recipients, there are additional paydays scheduled throughout January, which will also include the 2.5% COLA increase. These payments will be issued on January 8, 15, and 22, depending on your birth date:
- January 8: Birth dates from the 1st through the 10th
- January 15: Birth dates from the 11th through the 20th
- January 22: Birth dates from the 21st through the 31st
For those receiving SSDI without SSI, the first COLA-adjusted payment will be issued on January 8, 2024.
Impact of the COLA Increase
The current average SSDI payment is about $1,542 per month. With the 2.5% COLA increase, this will rise by approximately $38. Although the increase is not as high as the $50 boost expected for retirees, it still provides much-needed relief for those who rely on SSDI payments to cover basic living expenses.
The SSDI COLA increase reflects efforts by the Social Security Administration to help beneficiaries keep pace with inflation, ensuring their payments retain purchasing power in the face of rising costs.
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