Tag: COLA

The Cost-of-Living Adjustment, also known as the COLA, is a critical component of determining how much people obtain from Social Security benefits, including Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). Without it, these benefits would likely become quickly outpaced by growing costs for things like food, housing, and other basic expenses. But what exactly is the cost-of-living adjustment for Social Security, and how might it impact you?

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The Social Security Administration (SSA) has announced that it will be raising the amount of benefits that recipients receive by 2.5%, based on the Cost of Living Adjustment (COLA). This means that the more than 70 million people who receive benefits through the SSA, including people who receive Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI), will see a slight increase in the money they receive. These adjustments will take place starting on December 31, 2024.

Continue reading “SSA Announces 2.5% COLA Adjustment for 2025”

The Cost of Living Adjustment (COLA) for 2024 is set to be at 3.2%, which is down significantly from the record high of 8.7% for 2023. This dramatic decline is not necessarily a bad thing, however, as it is primarily the result of lessening inflation driving up prices. As a result, Social Security disability recipients will see a modest increase in their payments next year.

Continue reading “2024 COLA Down to 3.2% From High in 2023”