Latest news with #SSDI
Yahoo
3 days ago
- Business
- Yahoo
2026 Social Security COLA Predictions: Here's What Experts Are Saying
The 2025 COLA increase of 2.5% for Social Security recipients was one of the lowest since 2021, and so far, signs are pointing to an even lower increase for next year. We're still about five months out before we get an official announcement from the Social Security Administration, so there's plenty of room for that to change -- in either direction. Experts in the field have been making predictions for the 2026 COLA since the beginning of this year, and an initial prediction of a 2.1% bump next year has been followed by a slight shift upward month by month. Whether these expert takes will match the official number remains to be seen -- especially with the economic uncertainty spurred by the Trump administration's tariffs agenda -- but we'll break down the latest for you below. I've been steeping myself in all things Social Security for the past year, writing timely articles that surface the most relevant details for existing and soon-to-be beneficiaries and their families. Even if, like me, you're a long way from retirement, staying up to date with expert takes will keep you informed for when it's time for you or your loved ones to retire. The COLA adjustment will be one of the most important announcements of the year. For more, don't miss the Social Security and SSDI cheat sheet. The cost-of-living adjustment, otherwise known as the COLA or COLA increase, is an annual change in the payment scale made by the Social Security Administration. It's pegged to the Consumer Price Index for Urban Wage Earners and Clerical Workers, which measures the average changes in prices for consumer goods and services and is updated monthly by the Bureau of Labor Statistics. These monthly snapshots in the changes to prices of goods and services allow the SSA to see the overall average and determine the COLA for the following year as a percentage of the current payment levels. For Social Security and Supplemental Security Insurance recipients, the COLA percentage represents how much more you'll receive in monthly benefits in the new year. It takes effect Jan. 1 and stays in effect for the calendar year. The official COLA announcement typically takes place sometime in October. How the COLA is calculated has become a hot topic, given that the model sets the adjustment for the entire year ahead. The Senior Citizens League, a nonpartisan advocacy group for older adults, last year conducted a study of 3,000 older adults. A key takeaway: 72% of respondents said that Congress should prioritize changing the COLA calculation to an index that's more reflective of the changing expenses for seniors, like the CPI-E. There are multiple government benefits that use the COLA to make adjustments. In addition to Social Security, the adjustment applies to Social Security Disability Insurance and Supplemental Security Income, Medicare, Supplemental Nutrition Assistance Program to account for inflation when setting benefits. The League provides monthly predictions of what the upcoming COLA will be for the following year, and they were spot on for 2025's, predicting a 2.5% COLA. In January, the League predicted a 2.1% increase for 2026 and has adjusted that upward since then. Its latest prediction, as of April 2025, sits at 2.4%. The prediction comes after the recent executive order by the Trump administration, targeting pharmaceutical companies and pushing for cheaper drug costs. Despite the upward trend over the past few months, the League predicts the 2026 COLA to be the lowest since the 1.3% COLA in 2021. This, of course, is all subject to change, not least because of the economic uncertainty highlighted by the Trump administration's tariffs. For more, don't miss the Social Security and SSDI cheat sheet. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
Don't Lose Your Social Security Benefits: These Mistakes Will Cost You
More than 70 million Americans currently rely on Social Security benefits, and countless more expect to take advantage of the program when it's their time to retire. Knowing when the best time to start collecting benefits is important, but once you've applied and your monthly payments start being sent, not much should change, outside of the annual COLA increase, which is a good thing for you. Something you might be less familiar with is how you can actually lose your benefits if you're not careful. While people pay into the Social Security system most of their working lives, these benefits aren't guaranteed for life, and you could have them taken away in certain situations. In particular, there are four things that can get your benefits terminated or suspended. Below, we'll break down the ways you can lose your benefits and whether or not you can get them back afterward. For more, don't miss the Social Security and SSDI cheat sheet. While you can still work and receive Social Security benefits, if you begin to make more than the annual income limit, your benefits may be reduced or paused completely in certain situations. The limits change depending on certain factors, like whether you're under or over the age of 62 -- the minimum retirement age. Below is an overview of the income limits imposed on specific benefits. Eligibility for SSI typically requires that you earn less than $1,971 per month from work. The limit is increased for couples, but if you exceed that limit, you may no longer be eligible for SSI. You should be notified of any benefit reduction or whether you become ineligible due to reaching the income limit. Note: For every $2 you earn from work, $1 will be reduced from your SSI payment. Working includes any job you have. You're required to promptly report changes to your monthly income and living situation. SSDI beneficiaries have more to work with when it comes to making money from work. If you get a job while receiving SSDI, you'll be able to retain your benefits for up to nine months, which the Social Security Administration calls a "work trial period." For 2024, any month you bring in over $1,110 in gross wages will count toward this nine-month trial period. Note that months don't have to be consecutive, either, but within a rolling five-year period. During these nine months, there's no limit on how much you can earn while retaining your benefits. After your work trial period, you'll enter into a 36-month "extended period of eligibility." During this time, if you exceed the EPE earnings limit, you won't qualify for your SSDI payment for that month. In 2024, the EPE limit is $1,550 per month or $2,590 for disability due to blindness. If you continue to earn over the limit after your EPE is up, your SSDI payments will cease completely, but if you can't continue to work, you can restart your benefits. In addition to an income limit, to be eligible for SSI, you need to fall under what the administration calls a "resource limit." Resources that do count toward the limit include cash, bank accounts, stocks, mutual funds, US savings bonds, land, life insurance, personal property, vehicles and anything else you own that could be changed to cash and used for food or shelter, the administration said. Resources that do not count include the home you live in and the land it is on, one vehicle (if you or a member of your household use it for transportation), household goods and personal effects and life insurance policies with a combined face value of $1,500 or less. To be eligible, the SSI resource limit is $2,000 for an individual and $3,000 for a couple. If you exceed that limit, you need to spend down your resources to be eligible. According to a recent study by the Center on Budget and Policy Priorities, 70,000 beneficiaries on average lose their benefits each year because they exceed the limit. Congress has proposed legislation that would, for example, raise the limit to $10,000 for individuals and $20,000 for married couples but so far, changes have not been signed into law. Your marital status can and will affect your Social Security benefits, and that includes getting a divorce. A few things would prevent you from collecting your ex-spouse's benefits: You weren't married for 10 years or more. If you remarry, you won't be able to get benefits from your previous marriage. This can change if your current marriage ends through divorce, annulment or the death of your partner. You qualify for benefits and the amount you receive would be more than your ex-spouse's. If you go to jail or prison, your Social Security benefits can be affected. If you're incarcerated for more than 30 days, the administration may suspend your Social Security and SSI benefits. If your benefits are suspended, you can request to have them restored for the following month after you're released from jail or prison. Something to note is that even if your benefits are suspended while incarcerated, your spouse or children will continue to receive them as long as they remain eligible. While incarcerated, your SSI benefits will be suspended, but payments will resume when you're released, and you won't have to wait until the following month. Your payment amount will be determined by your release date and would only be a partial payment. If you're in jail or prison for over 12 consecutive months, the administration will terminate your SSI benefits. When you're released, you will need to reach out to the Social Security Administration and start a new application. For more, here's the Supplemental Security Income and Social Security Disability Insurance payment schedules.
CNET
4 days ago
- Business
- CNET
Don't Lose Your Social Security Benefits: These Mistakes Will Cost You
Keep your Social Security benefits intact by avoiding the scenarios that put them in jeopardy. Getty Images/Viva Tung/CNET More than 70 million Americans currently rely on Social Security benefits, and countless more expect to take advantage of the program when it's their time to retire. Knowing when the best time to start collecting benefits is important, but once you've applied and your monthly payments start being sent, not much should change, outside of the annual COLA increase, which is a good thing for you. Something you might be less familiar with is how you can actually lose your benefits if you're not careful. While people pay into the Social Security system most of their working lives, these benefits aren't guaranteed for life, and you could have them taken away in certain situations. In particular, there are four things that can get your benefits terminated or suspended. Below, we'll break down the ways you can lose your benefits and whether or not you can get them back afterward. For more, don't miss the Social Security and SSDI cheat sheet. Benefits will be reduced or stopped if you make too much money While you can still work and receive Social Security benefits, if you begin to make more than the annual income limit, your benefits may be reduced or paused completely in certain situations. The limits change depending on certain factors, like whether you're under or over the age of 62 -- the minimum retirement age. Below is an overview of the income limits imposed on specific benefits. Income limits for Supplemental Security Income Eligibility for SSI typically requires that you earn less than $1,971 per month from work. The limit is increased for couples, but if you exceed that limit, you may no longer be eligible for SSI. You should be notified of any benefit reduction or whether you become ineligible due to reaching the income limit. Note: For every $2 you earn from work, $1 will be reduced from your SSI payment. Working includes any job you have. You're required to promptly report changes to your monthly income and living situation. Income limits for Social Security Disability Insurance SSDI beneficiaries have more to work with when it comes to making money from work. If you get a job while receiving SSDI, you'll be able to retain your benefits for up to nine months, which the Social Security Administration calls a "work trial period." For 2024, any month you bring in over $1,110 in gross wages will count toward this nine-month trial period. Note that months don't have to be consecutive, either, but within a rolling five-year period. During these nine months, there's no limit on how much you can earn while retaining your benefits. After your work trial period, you'll enter into a 36-month "extended period of eligibility." During this time, if you exceed the EPE earnings limit, you won't qualify for your SSDI payment for that month. In 2024, the EPE limit is $1,550 per month or $2,590 for disability due to blindness. If you continue to earn over the limit after your EPE is up, your SSDI payments will cease completely, but if you can't continue to work, you can restart your benefits. Resource limits could also impact your Social Security In addition to an income limit, to be eligible for SSI, you need to fall under what the administration calls a "resource limit." Resources that do count toward the limit include cash, bank accounts, stocks, mutual funds, US savings bonds, land, life insurance, personal property, vehicles and anything else you own that could be changed to cash and used for food or shelter, the administration said. Resources that do not count include the home you live in and the land it is on, one vehicle (if you or a member of your household use it for transportation), household goods and personal effects and life insurance policies with a combined face value of $1,500 or less. To be eligible, the SSI resource limit is $2,000 for an individual and $3,000 for a couple. If you exceed that limit, you need to spend down your resources to be eligible. According to a recent study by the Center on Budget and Policy Priorities, 70,000 beneficiaries on average lose their benefits each year because they exceed the limit. Congress has proposed legislation that would, for example, raise the limit to $10,000 for individuals and $20,000 for married couples but so far, changes have not been signed into law. Divorce will change your Social Security status Your marital status can and will affect your Social Security benefits, and that includes getting a divorce. A few things would prevent you from collecting your ex-spouse's benefits: You weren't married for 10 years or more. If you remarry, you won't be able to get benefits from your previous marriage. This can change if your current marriage ends through divorce, annulment or the death of your partner. You qualify for benefits and the amount you receive would be more than your ex-spouse's. You can lose Social Security if you're arrested or sentenced to prison If you go to jail or prison, your Social Security benefits can be affected. If you're incarcerated for more than 30 days, the administration may suspend your Social Security and SSI benefits. Social Security and Social Security Disability Insurance while incarcerated If your benefits are suspended, you can request to have them restored for the following month after you're released from jail or prison. Something to note is that even if your benefits are suspended while incarcerated, your spouse or children will continue to receive them as long as they remain eligible. Supplemental Security Income While incarcerated, your SSI benefits will be suspended, but payments will resume when you're released, and you won't have to wait until the following month. Your payment amount will be determined by your release date and would only be a partial payment. If you're in jail or prison for over 12 consecutive months, the administration will terminate your SSI benefits. When you're released, you will need to reach out to the Social Security Administration and start a new application. For more, here's the Supplemental Security Income and Social Security Disability Insurance payment schedules.
Time of India
6 days ago
- Business
- Time of India
SSI June 2025 payment schedule change: Why beneficiaries will get two deposits in May and what it means
SSI June 2025 Payment Rescheduled: Beneficiaries to Receive Two SSI Payments in May Why is SSI paying twice in May 2025? Live Events 65 or older, or Blind or disabled, and Have limited income and few resources How much can you get from SSI in 2025? $967 per month for an individual $1,450 per month for a couple Work income (SSA deducts $1 for every $2 you earn) Other income sources like disability benefits, unemployment, or pensions (usually dollar-for-dollar reduction) Living arrangement – for instance, if you live in someone else's home and don't pay your fair share, your payment could be reduced by up to $342.33 How will you receive the SSI May 30 payment? Direct Express card holders and those who receive paper checks will get their payment on May 30 Those using direct deposit or other electronic methods will also see the money on May 30, usually faster and more securely What's the next SSI payment date after May? SSI payment changes: What should you keep in mind? FAQs: (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel , and that's making many recipients wonder why their benefits are coming early. Don't worry—there's no error, and you're not losing any money. It's just a shift in the calendar that's moving your June SSI payment toThis change doesn't mean you're getting extra money, and it's not a mistake by the Social Security Administration (SSA). In fact, this happens whenever the 1st of the month falls on a weekend. For June 2025, June 1 lands on a, so the government is making sure you get your money before that—on the last business day of let's break it down to help you understand everything SSI benefits are deposited on the 1st of every month, unless that date is a weekend or a federal holiday. Since June 1 is a Sunday, the SSA has moved the payment to Friday, May 30, means that SSI recipients will receive two payments in May—one on May 1 for the May benefit, and another on May 30 for the June benefit. But make no mistake—this isn't an extra check. It's just the June payment arriving made similar changes for March and November 2025. The March payment came on February 28, and the November one is scheduled for Supplemental Security Income (SSI) program helps people who are aged, blind, or disabled and have very limited income and resources. It's not the same as Social Security Disability Insurance (SSDI), although both are handled by qualify for SSI, you generally need to be:SSI is funded by general tax revenues, not Social Security taxes. So even if you never paid into Social Security, you may still can't receive two SSI payments in the same month regularly, because that could affect eligibility for other assistance programs like food stamps or per the official SSA website, the maximum SSI payment in 2025 is:However, not everyone gets the full amount. The amount you receive depends on your:There are different ways to receive your SSI money:So, mark your calendar for May 30, 2025, and remember—this is your June SSI payment, not a bonus or a this early June payment, the next regular SSI deposit will be made on July 1, 2025, as usual. No more double payments are expected for a be prepared for the November 2025 benefit, which is set to arrive on October shifts in timing may seem small, but they can affect how you plan your monthly expenses, especially if you receive other assistance where income limits apply. The SSA stresses the importance of not mistaking early deposits for extra June 1 is a Sunday, the June payment will be deposited early—on May 30.$967 monthly for individuals and $1,450 for couples, depending on income and living situation
CNET
6 days ago
- Business
- CNET
SSDI May 2025: The Final Round of Payments This Month Are Headed Out Soon
May's SSDI checks are headed to beneficiaries soon. Here's this month's payment schedule. CNET The last round of Social Security Disability Insurance payments will be sent out in the next few days, so don't fret if you haven't yet received yours. The day your payment is scheduled to be sent out depends on a few different factors that we'll break down below. The Social Security Administration sends monthly payments to people who have a disability that stops or limits their ability to work. Depending on their individual situation, others may qualify and can apply for SSDI as well. We'll break down the full SSDI payment schedule for the month of May and how your payment date is calculated so you'll know exactly when you can expect your check. For more, here's what you can do if you're last payment never arrived, and here's the Supplemental Security Income payment schedule. Payment schedule if you've had SSDI since May 1997 or earlier If you started getting SSDI before May 1997, you'd usually receive your payment on the third day of every month. Note that this isn't always the case, like when the third day falls on a weekend or holiday. For 2025, this will happen in May and August, so you can expect to receive your payment during these months 1-2 days earlier. If you began receiving SSDI after May 1997, then your payment date is determined by the day of the month you were born. Payments are typically paid out on the second, third and fourth Wednesday of the month. Which Wednesday you get your check breaks down like this: Birthdate between Social Security check date 1 and 10 of the month Second Wednesday of the month 11 and 20 of the month Third Wednesday of the month 21 and 31 of the month Fourth Wednesday of the month Here's when you'll get your SSDI payment in May Here's when your SSDI payment should arrive this month: If you've received Social Security before May 1997 May 2 If your birthday falls between day 1 and 10 of the month May 14 If your birthday falls between day 11 and 20 of the month May 21 If your birthday falls between day 21 and 31 of the month May 28 How does 2025 COLA affect my payment? The COLA for 2025 introduced a 2.5% increase in monthly benefit checks, but exactly how much of an increase will depend on several factors. Any monthly income, how long you've received benefits and what type of benefit you receive can result in a different payment increase. Recipients should have received their COLA notice sometime in December with specific details on their case. A COLA of 2.5% will add about $48 to the average benefits check. For more, don't miss four ways you could lose your Social Security benefits and how to apply for SSI.
