The Social Security Administration has sent reminders to thousands of workers to make sure their information is correct and up to date. This comes after it said that its perks and entitlement system would be changing even more starting October 10, 2024.
Not only that, but very important news for 2025 will also be shared on that day. Learn about all the news you need to know to stay in the United States and keep your Social Security payments.
The new boost for Social Security checks will be announced next week
There won’t be a clear number, but predictions say that the COLA will be 2.5% by 2025. This will mean that by next year, benefits will be about $48 more per month on average. The average rise over the last 20 years has been about 2.6%, so this is about the same.
However, it is less than the 3.2% increase in 2024 and the 8.7% increase last year. The Bureau of Labour Statistics (BLS) will have its September inflation report out on the same date.
The Consumer Price Index for Urban and Clerical Workers (CPI-W), which is a key part of this statistics, is used to figure out the annual cost of living adjustment (COLA).
The difference between the average CPI-W for the third quarter of 2024 and the average CPI-W for the third quarter of 2023 is used to figure out this change. The result of this comparison will determine the percentage rise that people in the U.S. who get Social Security will get in 2025.
What should retirees know before October 10th?
It may seem easy to sign up for Social Security in the United States, but there are important steps and things to think about that need to be done, and some of them need to be done before October 10, 2024. Here are some ideas that you might want to think about:
- When you move, change your bank account information, or get married, you need to tell the Social Security Administration (SSA) in the United States. So, make sure your information is always correct.
- You have one year to stop your application if you want to.
- Pay attention to the taxes you have to pay on the benefits you get.
- Staying up to date on SSA statements, like the one set for October 10, is very important. Today is especially important because it’s when important information about the cost-of-living adjustment (COLA) for 2025 will be made public. This will show how much of a raise people will get.
As was already said, October 10 is a big day in the US because that’s when the Bureau of Labour Statistics (BLS) releases the inflation numbers for September. The Consumer Price Index for Urban and Clerical Workers (CPI-W), which is used to figure out the yearly COLA, is part of these numbers.
As of now, the Senior Citizens League thinks that the next COLA increase could be 2.5%, but the official number won’t be released until that date. For example, let’s look at this figure and talk about how the Social Security checks of all eligible people will go up in 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 |
| 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 |