There are over 71 million Americans who depend on one of the many perks that come from Social Security, like retirement. The 2025 COLA boost will cause payments to go up.
The most recent predictions have gone down, which means that inflation has slowed down. That’s good because prices have also gone down, but it could mean that people who get Social Security will get a smaller COLA rise.
Latest 2025 COLA increase projection for Social Security
About 2.5% more may be added to Social Security retirement, disability (SSDI), and SSI payments by the Social Security Administration (SSA). That means the COLA that people get might be less than it was in 2024, 2023, and 2022.
People may be upset now that they aren’t getting as much extra money from the Cost of Living Adjustments as they used to. However, you should always think about the raise you could get in a year.
For instance, if you get a $50 bonus every month because of a COLA rise, you will get $600 in just one year. If you think this raise is too small, just put away the extra $50 and start a backup fund.
Requirements to get a $50 COLA increase in Social Security benefits
There are a few things you must comply with before you can get this boost:
- Having filed for Social Security retirement, SSDI (disability benefits)
- Gotten approval to receive any of these benefits
- Qualify for any of the January 2025 payments on the 3rd, 8th, 15th or 22nd
- In order to get $50 extra, there must be a 2.5% increase
- Your monthly payment must be worth $2,000
- Remain eligible for Social Security and do not break its rules
If you get Supplemental Security Income (SSI), you won’t be able to get an extra $50 after the COLA boost. It doesn’t matter if you earn the most money. In fact, if you qualified for the most money a person could get in 2024, you could only get an extra $23.
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