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Belleville, Illinois, Oct. 10, 2024 (GLOBE NEWSWIRE) — Allsup, a leading provider of Social Security Disability Insurance (SSDI) representation, return to work, disability financial solutions and veterans disability appeals services, announced today that SSDI beneficiaries will receive a 2.5% increase in their monthly benefits in 2025, according to the Social Security Administration’s (SSA) newly announced cost-of-living adjustment (COLA). This adjustment, which takes effect in January 2025, aims to help beneficiaries manage rising living expenses.
“This cost-of-living adjustment provides a much-needed increase in benefits for SSDI beneficiaries, many of whom face significant challenges covering essential expenses like medical care, housing and daily necessities,” said Steve Perrigo, Allsup vice president. “At Allsup, we understand how vital these benefits are, and this increase will help ease some of the financial pressure that individuals with disabilities experience every day.”
The average monthly SSDI benefit will increase to $1,612 in 2025 from $1,573 in 2024, which is an increase of $39 per month or $468 annually, according to the SSA. The average monthly benefit for a worker with a disability, spouse, and one or more children will increase to $2,825 from $2,756, which is $69 per month or $828 annually.
SSDI benefits are determined based on recipients’ prior earnings and their contributions to the Social Security system through payroll taxes. In addition to monthly payments, SSDI recipients are eligible for a range of benefits, including:

• Dependent benefits for children under 18.
• Medicare eligibility after 24 months of receiving SSDI.
• Return-to-work incentives allowing beneficiaries to test employment without losing benefits.
• Extended COBRA coverage and retirement benefit protections.

Social Security will begin notifying beneficiaries of their new benefit amounts by mail starting in December 2024. For the first time this year, Social Security beneficiaries will receive a redesigned COLA notice that simplifies key information. The new, one-page format uses clear, personalized language and includes specific details on the updated benefit amounts and any deductions. This enhanced communication from the SSA aligns with efforts to provide beneficiaries with clearer, more accessible information, making it easier to understand changes to their benefits. Meanwhile, Allsup continues to provide expert guidance for individuals navigating the SSDI claims process.
With 40 years of expertise, Allsup has effectively helped more than 400,000 individuals who have disabilities or severe health issues, to secure SSDI benefits when their conditions restrict their ability to work. The SSDI experts at Allsup are known for leading clients through the SSDI claims process, which is often prolonged and may require multiple appeals with the SSA. While guiding clients through the complex SSDI process, Allsup also offers additional support to address financial challenges during the waiting period.
“As claimants get through a lengthy waiting period for approval—often spanning several months or longer—they can take advantage of Disability Financial Solutions^® (DFS), an exclusive Allsup service designed to relieve financial concerns for SSDI claimants. DFS helps with concerns such as daily living expenses, credit card bills and healthcare needs,” Perrigo explained.
With this COLA increase and the continued support from Allsup, individuals with disabilities can better navigate financial challenges and secure the benefits they earned.

For more information about applying for SSDI benefits or determining eligibility, visit allsup.help/cola-2025 or call 1-800-678-3276.

ABOUT ALLSUP
Allsup and its subsidiaries provide nationwide Social Security disability, veterans disability appeal, disability financial solutions, return to work, and healthcare benefits services for individuals, their employers and insurance carriers. Allsup professionals deliver specialized services supporting people with disabilities and seniors so they may lead lives that are as financially secure and as healthy as possible. Founded in 1984, the company is based in Belleville, Illinois, near St. Louis. Learn more at AllsupLLC.com and @Allsup or download a free PDF of Applying for Social Security Disability Insurance: Getting It Right The First Time.

• Steve Perrigo, Vice President of Allsup

Rebecca Ray
Allsup
(618) 236-5065
r.ray@allsup.com

Laura C. Sala
Allsup
(618) 409-7079
l.sala@allsup.com

Major U.S. equity indices edged lower on Thursday following a hotter-than-expected Consumer Price Index (CPI) inflation report for September and as oil prices spiked, driven by fuel disruptions caused by Hurricane Milton and rising tensions in the Middle East.

The S&P 500 slipped 0.2% from its record high set on Wednesday, while the Dow Jones Industrial Average and the tech-heavy Nasdaq 100 mirrored the decline. Small-cap stocks lagged, with the Russell 2000 dropping 0.9%.

Consumer prices rose 2.4% year-over-year in September, slightly down from August’s 2.5% rate but above the consensus estimate of 2.3%. Core inflation, which strips out the volatile energy and food categories, also came in higher than expected, ticking up from 3.2% to 3.3%.

Despite the inflation uptick, economists and investors remained broadly steadfast in their expectations of a 25-basis-point interest rate cut in November.

In a separate report, weekly unemployment claims surged to 258,000 for the week ending Oct. 5, exceeding forecasts. The spike was likely influenced by auto industry layoffs in Michigan and disruptions caused by Hurricane Helene.

Oil prices rebounded sharply after two days of losses, with West Texas Intermediate (WTI) crude climbing more than 3% to $75 per barrel. Natural gas prices also advanced over 2%.

Energy stocks outperformed the broader market as a result of the rally in oil prices.

Experts, cited by Reuters, indicated that power outages in Florida, the closure of several product terminals, delayed tanker truck deliveries, and pipeline disruptions would likely keep gasoline prices elevated.

In the Middle East, Israeli forces reportedly fired on UN peacekeeping bases in southern Lebanon, resulting in injuries to two soldiers, according to UN sources. This incident occurred amid ongoing hostilities between Israel and Hezbollah, a militant group based in Lebanon. The incident prompted a sharp response from Italian Defense Minister Guido Crosetto, who summoned Israeli diplomats for an explanation.

Treasury yields remained stable, while the U.S. dollar gained modestly. Gold and silver prices both rose, with gold advancing 0.5% and silver up 1.5%. Bitcoin BTC/USD softened 0.4% to $60,300.

Thursday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust SPY fell 0.2% to $575.45.
• The SPDR Dow Jones Industrial Average DIA fell 0.4% to $423.47.
• The tech-heavy Invesco QQQ Trust Series QQQ inched 0.2% lower to $492.30.
• The iShares Russell 2000 ETF IWM tumbled 1% to $215.87.
• The Energy Select Sector SPDR Fund XLE outperformed, up 1%. The Real Estate Select Sector SPDR Fund XLRE lagged, down 1%.

Thursday’s Stock Movers

• Advanced Micro Devices Inc. AMD fell over 3%, reflecting some investor disappointment during its Advancing AI keynote.
• Celsius Holdings Inc. CELH surged 12%, building on a 6% gain from the previous session, as the energy drink stock gained momentum among retail investors. Increased social media chatter pointed to the stock bouncing off key support levels, further fueling the rally.
• Cloudflare, Inc. NET shares jumped 7% on Thursday following the company’s announcement of a new president of product and engineering.
• First Solar Inc. FSLR plunged nearly 10% after Jefferies analyst Dushyant Ailani reiterated a Buy rating but lowered the price target from $271 to $266. Peer Enphase Energy Inc. ENPH fell over 5%.

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Image created using artificial intelligence via Midjourney.