More than 71 million Americans depend on Social Security. A lot of them need this money to add to what they already make and save for retirement. People who get SSI, retirement, or disability benefits want to know when they can start getting CVLA and how much it will be.
To be exact, the extra money from Social Security due to the COLA raise won’t come in until January 3, 8, 15, or 22, 2025. It will depend on when you can do it. But when will SSA confirm that these amounts in the US will go up by the COLA in 2025?
Date for the 2025 COLA increase announcement regarding Social Security
The Administration won’t say for sure what the COLA will be in 2025 until October 10, 2024. So, there are only a few days left until this news is made. People who get SSI, retirement benefits, or are disabled can check the most recent estimates, though.
One example is that the Senior Citizens League said there might be a 2.5% rise in Social Security. In fact, over the last two forecasts, it has kept going down.
So, retirees, people who get SSI or SSDI, and people who are retired can be very upset because they feel like they are losing the ability to buy things. If you get a $1,000 check in 2024, your payments might only go up by $25.
Who will be the first Americans to receive the Social Security COLA increase?
In fact, there is a group of people who will get the 2025 salary increase faster. Social Security has set December 31, 2024, as the date for the 2025 SSI payment.
So, people who get SSI will be the first people in the US to benefit from the COLA increase. Even so, they get the smaller maximum amounts, and they might even get a few extra dollars.
For example, if you are eligible for the most money for one person, you could get $966 if the rate went up by 2.5%. You may already know that this 23-dollar rise in the SSI payment doesn’t mean much. This means that people who are eligible for a smaller check will get less money from this Social Security boost.
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