The Social Security Administration (SSA) sends millions of dollars every month to people who get money from programs it runs. Workers who are retired, disabled and qualified for Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI), or their eligible family members, are among these beneficiaries. When figuring out Social Security payments, things like the number of years worked, the amount of Social Security taxes paid, and the person’s retirement age are all taken into account.
Individual retirees get an average of $1,907 a month, and couples filing jointly get an average of $3,303 a month. SSI recipients get an average of $943 a month if they live alone and $1,415 a month if they live with a spouse. These numbers go up every year to keep up with inflation. In 2024, they will go up by 3.2%. If you are already getting retirement benefits or are planning to apply for this insurance program in the US, read this to find out more about the monthly benefits and the new raise.
Social Security announced a new increase in retiree checks
Each year, the Cost of Living Adjustment (COLA) is based on the rise in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The Social Security Administration finds the difference between the CPI-W for the third quarter of the previous year and the current year. This difference is the COLA raise. The extra money is then added to payments every January.
As of today, the Bureau of Labor Statistics said that prices went down by 0.1% in July. Since prices are going down, the COLA is expected to be a lot less than it was this year. The Senior Citizens League (TSCL), a nonprofit group that speaks up for seniors, thinks that the COLA will go up in 2025 based on current inflation rates. They think that the COLA will go up by 2.63 percent next year.
People who get Social Security benefits should know that they will have to wait a few more months before they hear about next year’s COLA raise. Usually, this happens in the second week of October. No matter which of the two percentage increases—2.63% or 3.2%—is passed, retirees will get more money starting in January 2025. We’d like to give you an idea of how much your Social Security benefits will go up, taking into account the 2.6% and 3.2% raises. The exact number won’t be released until October.
| Retirement benefits | Social Security payments | 2.6% COLA increase | 3.2% COLA increase |
| On average | $1,900 | $1,949 | $1,961 |
| Age 62 | $2,710 | $2,780 | $2,797 |
| Age 67 | $3,822 | $3,921 | $3,944 |
| Age 70 | $4,873 | $5,000 | $5,029 |
When will beneficiaries receive their increased monthly benefits?
As soon as the official cost of living adjustment (COLA) percentage raise is confirmed by the Bureau of Labor Statistics, the federal agency will begin giving the higher monthly benefits in January 2025. A certain group of winners will get their money earlier in 2024, though, because January 1 is a holiday.
When this happens, the SSA moves the payment date to the business day before, which in this case is Tuesday, December 31st. According to the 2025 Social Security payment plan, people who are retired, widowed, disabled, or get Supplemental Security Income (SSI) will get their money on the following dates:
Social Security Financial Programs
- Supplemental Security Income benefits
- RSDI benefit program (before May 1997)
- RSDI benefit program (after May 1997)
Social Security payments (2025)
- No payments
- January 3rd (Friday)
- January 8th (Wednesday)
- January 12th (Wednesday)
- January 22nd (Wednesday)
Criteria to deliver monthly benefits
- Since January 1st falls on a weekend, recipients will receive their benefits on December 31st
- Social Security payments are only available for those who claimed before this date
- Day of birth: 1st–10th.
- Day of birth: 11th–20th.
- Day of birth: 21st–31st.