ANNOUNCEMENTS
2025 cost-of-living adjustments (COLA) for Social Security and SSI benefits:
COLA increase: 2.5% for 2025
Effective dates:
Social Security beneficiaries: January 2025
SSI recipients: December 31, 2024
Full SSI Benefit Amount:
Individuals: Increases from $943 to $967 per month
Substantial Gainful Activity (SGA) limits for 2025 for employed individuals:
Non-blind individuals: Increases from $1,550 to $1,620 per month
ABLE Accounts:
2025 annual ABLE contribution limit: $19,000
Reminder: If your child is employed, consider using the additional “ABLE to Work” contribution amount to add additional funds to an ABLE account. This allows an individual to save $19,000 PLUS $15,060 or the total of their wages, whichever is less.
Miscellaneous Planning Reminder & Tips:
Before you increase your child's monthly room & board, if you serve as guardian, make sure that the county court has approved that amount!
Have you completed you Letter of Intent or Instructions for Care document yet? This is an important supplement to a special needs trust.
Remember, when in doubt, report earnings to Social Security to reduce the likelihood of Social Security overpaying benefits and asking for money back.
