Usually, there aren’t many further requirements related to the federal program once you apply for Social Security retirement benefits. However, you should update your information with the Social Security Administration (SSA) if your address, bank account, or marital status changes. You have a year to decide whether to withdraw your application and perhaps start working again.
The primary task for retirees with regard to their retirement benefits, aside from these options, is to settle any taxes due. If their income isn’t high enough to pay federal taxes and they reside in a state where retirement benefits aren’t taxed, many retirees don’t even need to do that.
What should retirees on Social Security do on October 10?
Regarding retirement benefits, however, there is one more thing that all retirees should do. And October 10 is the best day to execute it—that is, nine days out from October 1, 2024.
The good news is that retirees have a very easy chore to finish before October 10. All you need to do is go online. Visit the press releases area of the Social Security Administration’s website, specifically at https://www.ssa.gov/news/press/releases/.
There are probably going to be a number of links to press releases as you go down this page. Mark October 10, 2024, early in the morning, on your calendar. At this point, the much-awaited Social Security cost-of-living adjustment (COLA) for 2025 will be disclosed in a press release.
What to Expect from the Press Release
The percentage rise in Social Security benefits beginning in January 2025 will be revealed in this significant announcement. It will probably also include information on the typical dollar increase in benefits for the upcoming year.
Additional Changes to Look Out For
Historically, information about other major changes that will take effect in the upcoming year has also been included in these Social Security COLA announcements. For example, a rise in the Social Security payroll tax cap was also included in the press release for the 2024 COLA.
BLS and Social Security 2025 COLA
Are you wondering why October 10th was selected? The Bureau of Labour Statistics (BLS) is to blame. On this date, this agency releases its September inflation figures. The BLS normally discloses this important data around the middle of each month, even though it doesn’t always announce September inflation estimates on October 10 of each year.
The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) is one measure of the most recent inflation figures. This index is important because Social Security uses it to calculate the annual Cost-of-Living Adjustment (COLA).
How is the Social Security COLA Calculated?
Not just the CPI-W for September is important. Social Security makes a comparison between the average CPI-W for the third quarter of 2023 and 2024. This percentage increase will be the official 2025 Social Security COLA, rounded to the closest tenth of 1%.
What Will the 2025 Social Security COLA Likely Be?
The exact amount of the SSA 2025 COLA won’t be made public for a few days, but we already have a good idea of what to expect.
The Senior Citizens League, a non-profit group that advocates for seniors, says that the 2025 COLA will be around 2.5% based on CPI-W statistics from July and August. It is expected that this raise will lead to an average monthly benefit rise of about $48 for retirees.
A recent study found that the 2.5% increase in retirement benefits is less than the 3.2% Cost-of-Living Adjustment (COLA) that was expected for 2024 and a lot less than the 8.7% increase that was received last year. But this increase is pretty close to the average rise in benefits over the last 20 years, which has been 2.6%.
Mark Your Calendar: Important Dates for Social Security Benefits
Online on October 10 is the best time to find out the exact amount by which your SSA payments will rise. Don’t worry if you miss this date; you’ll be told soon enough. Beginning in December, the Social Security Administration (SSA) usually starts mailing people to let them know how much their new benefits are.
Also See:- United States Government Says These Are The Five Steps You Must Take Every Time You Get a $100 Bill