More than 71 million Americans get money from Social Security. Money is sent every month to people in the United States who get retirement, disability, SSI, survivor, or spousal payments.
Over time, these perks become less valuable. To make up for this loss, Social Security changes payouts through COLAs. It will be released in October 2025, and there are only a few days left to find out what it is.
2025 COLA increase unveiled by Social Security on this date
A lot of Americans will be able to find out on October 10 what percentage their 2025 benefit payments will go up because of COLA. The COLA for this year doesn’t look like a very big number.
That being said, it’s still better than getting less money or none at all. Some people who get Social Security think that the COLA will start in October, but that’s not going to happen.
With the 2025 COLA increase, Social Security will start sending retirement and disability payments in January 2025. When the COLA goes up in December 2024, the Federal government will only give money to people who get SSI. This is, however, their January 1 cash that was sent early.
Social Security and the 2025 COLA projection
What the Senior Citizens League says about the 2025 COLA is the most correct and best. They have been very right about these things in the past, so let’s see what they have to say so far.
This is what the Senior Citizens League thinks will happen as of September 11, 2024: 2.5%. It’s too bad that it has kept going down over time. This does mean that inflation is slowing down, which is good for consumers because prices won’t go up as much.
The thing is, the 2025 COLA will bring more money to people who get a lot from Social Security, just like every other COLA. It doesn’t matter if the amount is the same for everyone; the more you pay, the better. Here are a few examples:
- Benefit payment worth $1,000 in 2024: It would become $1,025 after COLA
- Benefit payment worth $2,000 in 2024: It would become $2,050 after COLA
- Benefit payment worth $3,000 in 2024: It would become $3,075 after COLA
- Benefit payment worth $4,000 in 2024: It would become $4,100 after COLA
- Benefit payment worth $943 in 2024: It would become $966 after COLA
- Benefit payment worth $1,415 in 2024: It would become $1,450 after COLA
Also See:- SNAP benefits beginning on October 4 in certain states: Up to $1,756 in Food Stamp checks