A rise in Social Security payments for millions of American seniors is planned for 2025. But if you get a check that is less than usual, your boost will be low.
In most situations, the amount of extra money people may get from Social Security after the 2025 COLA jump will be very different, even if the percentage is the same for all payment amounts.
Who may receive $100 from Social Security after the 2025 COLA?
With a COLA boost of about 2.57%, the Senior Citizens League says it’s possible. In July, it was 2.63 percent, but that is what was predicted in August.
In other words, if you get $4,000 from Social Security in 2024, you might get $4,102.8 after COLA. Of course, this will only be possible if the most recent predictions come true.
If inflation goes down in August and September, this prediction could be wrong. But if nothing changes, some people who make a lot of money might get an extra $100 after the 2025 COLA raise.
What is the largest Social Security check in 2024?
An increase of $100 in the COLA may not help many seniors since the average payment is worth $1,919 as of July 2024. If you work, you might be able to get $4,000 a month from Social Security.
But is this the most money you can get in retirement? The truth is that it’s not. In 2024, retirees can make up to $4,873. This group of people can get such a big payment because:
- have earned the taxable maximum for 35 years
- have worked for 35 years
- have paid enough taxes to SSA
- have filed at the age of 70
So, if you are retired and get the average check of $1,919, you will not get an extra $100 after the 2025 COLA. With an extra 2.57%, a check or direct deposit would now be worth $1,968. Aged people may get an extra $49 a month. You should get SSI if your payment is too low.