Tag: COLA

SSA Announces 2.5% COLA Adjustment for 2025

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.

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Veterans See 3.2% Increase in Disability Benefits in 2024

The amount of benefits that veterans will receive in 2024 has gone up by 3.2% compared to 2023. This increase in benefits is lower than previous years, due to changes in the Cost of Living Adjustment (or COLA for short). This increase in benefits is meant to help veterans continue to pay their bills despite increases in essential goods and services like groceries and rent.

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2024 COLA Down to 3.2% From High in 2023

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.

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What is the CPI-W, and Why Does it Matter?

If you have looked into Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) it is possible you may have heard of the CPI-W. In fact, the CPI-W is essential for understanding how much you are likely to receive from your SSDI or SSI payments. But what exactly is the CPI-W, and why might it matter to you as an SSDI or SSI recipient?

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Economists Predict Drop in COLA to 3.1% Next Year

In 2023, recipients of Social Security benefits, including Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) saw a record Cost of Living Adjustment (COLA) of 8.7%. This was the largest increase in the COLA since 1981, a significant increase in the amount of money they received. However, economists are forecasting a much more modest increase of 3.1% this year, as economic conditions begin to settle.

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Why Did SSDI and SSI Payments Go Up in 2023?

Recipients of Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) may have noticed that their payments went up dramatically at the beginning of 2023. While not unwelcome, it may seem odd why SSDI and SSI payments went up so much. Why did this happen, and what does it potentially mean for the future of SSDI and SSI?

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Social Security COLA Set to Be Nearly 9% in 2023

The Social Security Administration (SSA) has announced that the Cost of Living Adjustment (COLA) for Social Security benefits will be nearly 9% in 2023, the largest increase in Social Security benefits in 40 years. This even outpaces the 2022 COLA adjustment of 5.9%, which had been itself record-breaking at the time. Unfortunately, this adjustment is a reflection of rising prices that have made things more difficult for Social Security beneficiaries in the past year.

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SSA Announces 2023 COLA Likely to Rise by 8%

The Social Security Administration has announced that the Cost of Living Adjustment (COLA) may rise as much as 8% next year. This is to account for rising inflation, which has driven up the cost of living across the country, and which has had a disproportionate impact on many lower income citizens. As a result, recipients of Social Security benefits, including Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) should see a substantial increase in their benefits over the next year.

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The Cost of Living Adustment (COLA) and How it Affects You

The Cost of Living Adjustment, also known as the COLA, is an important factor in determining what benefits people receive when they get Social Security disability benefits. However, not many people understand what the COLA is, or why it might be important to them. So what is the COLA, and how does it affect people receiving Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI)?

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Social Security Benefits to See 5.9% Increase in 2022

The Social Security Administration (SSA) has announced that recipients of Social Security benefits will see a 5.9% increase in benefits in 2022. This represents the largest increase in Social Security  since at least 2008. This increase in benefits will affect retirees collecting Social Security retirement benefits, as well as people collecting disability benefits through Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI).

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