The Social Security Administration (SSA) announced on October 10 that retired recipients would receive an average monthly increase of almost $50. This is unquestionably a much smaller gain than the COLAs for 2023 or 2022.

This will be a significant increase, though, if you have a tight budget. Remember that the people who pay the most will get more additional funds.

For instance, you get an extra $2.5 a month if your retirement check is worth $100. You will get an extra $25, though, if the total is $1,000.

Social Security will send a higher-than-average raise to these retirees

Those who qualify for the highest benefit payment in 2024 and 2025 will see the biggest increase. Just so you know, the maximum benefit payment in 2024 is $4,873.

The 2025COLAhike will make it $5,108. They will receive $235 more than they did in 2024, making this the biggest increase since the COLA.

Those retirees who are eligible for $3,822 in 2024 at Full Retirement Age will also reap substantial benefits.

Their monthly payment will be $4,018 by 2025. This will result in an extra $196 for eligible retirees over the current year.

Other large boosts for some Social Security recipients

For instance, after the 2025 COLA increase goes into effect, you will earn $100 if your monthly payout is $4,000. After the rise, you will get $4,612.5 if your 2024 income is $4,500. In 2025, you will get $5,125 if you make $5,000.

Remember that you will receive more money in 2025 if you make a larger Social Security contribution. Visit my Social Security account to see the precise amount of your monthly payment.

After COLA, the majority of retirees will receive a letter with the exact amount; however, if you do not receive one from Social Security, you can check it online. As you can see, whether you receive a modest or large payout affects the 2.5% COLA increase.

Additionally, the U.S. government issues travel advisories for three more cruise ports.

Note: Every piece of content is rigorously reviewed by our team of experienced writers and editors to ensure its accuracy. Our writers use credible sources and adhere to strict fact-checking protocols to verify all claims and data before publication. If an error is identified, we promptly correct it and strive for transparency in all updates, feel free to reach out to us via email. We appreciate your trust and support!