sThe Social Security Administration has announced that monthly checks will change again in January due to the new cost-of-living adjustment (COLA) that was announced on 10 October and will take effect in early 2025. This annual adjustment is an important safeguard against inflation, ensuring that the compensation paid to disabled and retired people can keep pace with inflation. On 10 October 2024, the Social Security Administration confirmed an official COLA increase of 2.5% for 2025, setting the stage for the 2025 financial environment and giving beneficiaries much-needed certainty and clarity. From now on, we can say goodbye to the 2024 COLA.
Social Security checks will change in 2025 due to the Cost-of-Living Adjustment (COLA)
Currently, for those beneficiaries who qualify for the Supplemental Security Income (SSI) program, there are different payment amounts available depending on the category they choose when applying. For instance, those who filed as individuals can expect to receive up to $943 in monthly benefits, or $698 on average, depending on their income and resource conditions. Additionally, those who filed as couples could receive up to $1,415, and individuals who meet the requirements for essential persons (EP) may get an extra $472 per month.
Understanding the importance of monthly benefits and how they help millions of retirees, vulnerable Americans, and disabled people is essential to understanding the key role of the Cost-of-Living Adjustment (COLA). These figures highlight the vital role the COLA plays in protecting recipients’ purchasing power, especially in a setting with unstable inflation rates. Therefore, we would like to share with you some important facts and information about the upcoming COLA increase, so all beneficiaries can be aware of how this will impact their future benefits.
The new Cost-of-Living Adjustment (COLA) is set in 2.5%
On October 10th, Social Security Administration announced that COLA will be 2.5% in 2025. Beneficiaries will see significant increases. For example, people currently receiving $472 will receive $484 monthly, an increase of $12. Similarly, those receiving $698 will now receive $715, while those receiving $943 will receive $967. Benefits will increase to $1,450 for couples receiving $1,415, an increase of $35. In addition, for some recipients, even small increases can have a significant impact on their ability to meet day-to-day expenses.
The cost-of-living adjustment (COLA) is an essential safety net that keeps Social Security benefits in line with the cost of living, protecting the financial security of millions of Americans who rely on these benefits as their primary source of income. It’s important to note that the official announcement on 10 October will give beneficiaries a clear picture of what they can expect in 2025, even if it won’t immediately change the amounts in their checks. By being able to anticipate changes and incorporate them into their budgeting practices, individuals and families can plan their finances more successfully.
How much will the Social Security checks increase with a 2.5% COLA?
In addition to understanding the importance of the cost-of-living adjustment (COLA) and how it affects beneficiaries, here is a projection of how much Social Security checks will increase by program in 2025:
| Retirement benefits | Social Security checks | 2.5% COLA increase | Extra income |
| On average | $1,900 | $1,948 | $48 |
| Age 62 | $2,710 | $2,778 | $68 |
| Age 67 | $3,822 | $3,918 | $96 |
| Age 70 | $4,873 | $4,995 | $122 |
| Survivor benefits | Social Security checks | 2.5% COLA increase | Extra income |
| On average | $1,505 | $1,543 | $38 |
| Individual | $1,773 | $1,817 | $44 |
| 2 Children | $3,653 | $3,744 | $91 |
| Disability benefits | Social Security checks | 2.5% COLA increase | Extra income |
| On average | $1,537 | $1,575 | $38 |
| Blind recipients | $2,590 | $2,655 | $65 |
| Maximum payment | $3,822 | $3,918 | $96 |
| SSI benefits | Social Security checks | 2.5% COLA increase | Extra income |
| On average | $698 | $715 | $17 |
| Individuals | $943 | $967 | $24 |
| Couples | $1,415 | $1,450 | $35 |
| Essential person | $472 | $484 | $12 |
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