Social Security: Which recipients will get an average payment of $1,580 in 2025 thanks to COLA?
According to Vibes.okdiario, Average payments for Social Security beneficiaries can vary significantly based on the type of benefit received. Generally, retirees tend to receive higher average payments compared to those on Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI).
COLA Announcement
On October 10, 2024, the Social Security Administration (SSA) announced a 2.5% Cost-of-Living Adjustment (COLA) for all benefits, including retirement, SSDI, and SSI. This increase means that eligible beneficiaries will see a boost in their payments starting January 2025.
SSDI Average Payments Post-COLA
As of August 2024, the average payment for SSDI recipients is approximately $1,539. This amount is expected to increase slightly through December, with estimates suggesting it could reach $1,542 by that time. With the new 2025 COLA applied, the average SSDI payment is projected to rise to about $1,580 in January 2025.
It’s essential to note that average payments are merely indicative. They provide potential recipients and applicants with an idea of what to expect, but individual payments can vary widely. Factors such as work history and earnings play a significant role in determining the exact payment amount, meaning some individuals may receive less or more than the average.
Additional Average Payments for SSDI Recipients
Family members may also be eligible for Social Security disability benefits based on the worker’s record. It’s advisable for beneficiaries to consult the SSA to determine if their spouses or children can access additional funds.
Also read: Formerly bankrupt retail chain closes all remaining stores
The latest COLA Fact Sheet offers insights into estimated average monthly Social Security benefits, including those for a worker with a disability, their spouse, and children.
- After the 2025 COLA increase, the average SSDI payment for families will rise to approximately $2,826, up from $2,757.
- The average benefit for spouses of workers receiving SSDI is currently around $421, which will increase by 2.5% post-COLA.
- The average payment for children is approximately $492 as of August 2024, with adjustments expected following the COLA increase.
Conclusion
Understanding the nuances of Social Security payments, especially regarding COLA adjustments, can help beneficiaries better anticipate their financial support. If you or a family member might qualify for these benefits, reaching out to the SSA for personalized information is always a good step.
