The new cost of living adjustment (COLA) rise has been out for a long time and millions of people have been waiting for it. People who get Social Security benefits will know how much they will go up on October 10th. The Social Security Administration will use the number to figure out how much to pay people in 2025 once it is made public.
People who get Supplemental Security Income (SSI), on the other hand, will be the first to get the higher Social Security payment because January 1 is a holiday. So, this cash will be sent to them on December 31, 2018.
SSI recipients will receive a Social Security benefit up to $1,450 in December
At the moment, people who get SSI can get different amounts of money depending on their assets, income, and the filing category they picked when they applied. Each beneficiary gets a regular payment based on how they filed their taxes and how much money they make.
People who file as individuals and meet the income requirements can get up to $943, but most people get $698. Couples who meet the standards for income and resources can get up to $1,415 a month, and everyone who meets the criteria for an essential person (EP) can get an extra $472 a month.
Even so, these numbers will change when the COLA goes up, which, according to the Senior Citizens League, could be about 2.5%. If this number becomes official in October, people who get SSI will get the following amounts in December:
| SSI benefits | Social Security checks | 2.5% COLA increase | Extra income |
| On average | $698 | $715 | $17 |
| Individuals | $943 | $967 | $24 |
| Couples | $1,415 | $1,450 | $35 |
| Essential person | $472 | $484 | $12 |
Once SSI recipients are paid, the Social Security Administration will continue to give retirees, survivors, and disabled people their new Social Security benefit, based on when they collected their first monthly check, as shown below:
- If they claimed benefits before May 1997. RSDI beneficiaries will get their new Social Security benefit increase on January 3rd.
- If they claimed benefits after May 1997, RSDI beneficiaries will get their new Social Security benefit as follows:
- If they were born between the 1st and the 10th, on January 8th
- If they were born between the 11th and the 20th, on January 15th
- If they were born between the 21st and the 31st, on January 22nd
How much money will RSDI beneficiaries receive with a 2.5% increase in their Social Security benefit?
Like we said before, the exact percentage won’t be released until October 10th. In the meantime, here’s a rough idea of how much retirees, survivors, and disabled people will get each month starting in January 2025:
| Retirement benefits | Social Security checks | 2.5% COLA increase | Extra income |
| On average | $1,900 | $1,948 | $48 |
| Age 62 | $2,710 | $2,778 | $68 |
| Age 67 | $3,822 | $3,918 | $96 |
| Age 70 | $4,873 | $4,995 | $122 |
| Survivor benefits | Social Security checks | 2.5% COLA increase | Extra income |
| On average | $1,505 | $1,543 | $38 |
| Individual | $1,773 | $1,817 | $44 |
| 2 Children | $3,653 | $3,744 | $91 |
| Disability benefits | Social Security checks | 2.5% COLA increase | Extra income |
| On average | $1,537 | $1,575 | $38 |
| Blind recipients | $2,590 | $2,655 | $65 |
| Maximum payment | $3,822 | $3,918 | $96 |
The average retirement age could change and retirees might be affected
Everyone is aware that by 2033, Social Security will not have any more money to give out. Congress and leaders have talked about changing the average age at which people in the United States retire. Recent polls show that the average age of retirement in the United States is 62.
Most workers, though, plan to retire by the time they are 67 years old. Over 56% of retirees decide to stop working sooner than planned. About 38% of early retirees said they had to stop working because of health problems or limitations. This shows how important health is when planning for early retirement.
For example, the Congressional Budget Office (CBO) says that all Social Security recipients whose benefits will be affected by the increase in the full retirement age (FRA) will see their benefits cut over the course of their lives. It would cost workers the same amount each month for a shorter amount of time if they chose to delay their retirement benefits by the same number of months as the FRA rise.
People who chose to start getting retirement benefits at the same age they would have under the old rules would get less money for the same number of years. Cutting back on Social Security benefits would help the program’s budget.
Also See:- This important Social Security rule will end for good in 2024 – It is official