The Social Security Administration (SSA) will say on October 10 what the new COLA raise for 2025 will be. On that date, 65-year-olds will be able to find out the exact amount of their future income that will go up.
So far, the COLA guess for 2025 is about 2.5%. The Senior Citizens League has been the most accurate at making predictions. As of September 11, 2024, its most recent guess was that the rate would be 2.5%. Seniors are excited to find out what this boost could mean for them if it comes true, since they got it right again last year.
65-year-olds and the 2025 COLA for Social Security: possible payment amounts
If the rate went up by 2.5%, people 65 and older would get an extra $2.50 for every $100 they get from Social Security. This means that if you got a payment for $100, it would be worth $102.5 after the increase.
People over 65 who get a payment worth 10 times that amount would get $1,025, up from $1,000. In that case, their 2025 COLA would be an extra $25 a month.
Seniors who are 65 years old and get a $1,000 check in 2024 will get a total of $300 over the course of 18 months. This 300-dollar rise isn’t so bad after all.
Other possible amounts for 65-year-olds after COLA
Like you saw in the last case, the less money you get from Social Security, the lower your payment will be. To give you an example, if you are 65 years old and your payment is $500, you will now get $512.5.
Over 65s who get a bigger payment and get $2,000 a month will get an extra $50. Which means that will be $600 in one year. It goes without saying that it is a great boost.
You can’t choose the biggest Social Security payment if you are 65 years old and haven’t paid your taxes yet at age 70. In 2024, people aged 70 can get up to $4,873. That means that even if their payment is only $4,000, they will get an extra $100 a month from the COLA.
Also See:- How much will the October 10 Social Security check be?