Once a year, the Social Security Administration changes the way payments are made to raise monthly benefits. Older people will get extra money from the 2025 COLA in this way, which will help them keep their buying power.
The most recent COLA estimate for Social Security in 2025 seems to be smaller than the ones in the past. The Senior Citizens League says it might still be about 2.57%. Because of this, it could be 2.6% after being rounded, or a totally different number, since we don’t yet have inflation data for September.
How much money could the Social Security COLA for 2025 deliver retirees?
As of July 2024, old people get an average of $1,919 a month. So, a 2.57% rise in the COLA would give seniors an extra $49 a month, or $588 a year.
It would be great to get an extra $588 a year after a possible 2.57% COLA in 2025, even if it’s not the Social Security boost seniors were hoping for. Keep in mind that some American workers get a lot less when they leave. Check to see what numbers are possible after the expected 2.57% increase.
- Social Security check worth $800: $820
- Social Security check worth $900: $923
- Social Security check worth $1,000: $1,025
- Social Security check worth $1,200: $1,230
- Social Security check worth $2000: $2,051
- Social Security check worth $3,000: $3,077
- Social Security check worth $4,000: $4,102
Social Security 2025 COLA: important dates in 2024
Keep in mind that the 2025 COLA boost will not be sent to people who get Social Security checks or direct payments until January 2025. You will, however, be able to find out the Cost of Living Adjustment number in less than two months.
Supplemental Security Income recipients are the only ones who don’t have to follow this rule. Social Security’s payment plan says that the January payment with the 2025 COLA will be sent on December 31, since January 1 is a Federal holiday.
People who are retired or getting SSDI will have to wait until at least January 3 to get the raise. Some people won’t get their payment with the Cost of Living Adjustment boost until the second, third, or fourth Wednesday in January.
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