Every year throughout the United States we are faced with a new increase in Social Security retirement payments. This increase depends on several factors, but the most important of all is inflation. If we take this into account, we may find that next months payment will be the same, but in 2025 we will see a new maximum check.
And best of all, the type of benefit does not matter in order to determine the COLA we will get. The increase in these checks comes to each and every Social Security beneficiary for both retirement and Supplemental Security Income.
What will the Social Security increase be in 2025?
While it is true that we are getting closer and closer to the date when we will find out what the 2025 COLA will be, it is also true that it is still too early to have an exact amount on the increase in benefits. Social Security checks will increase, of that we are all certain, but the exact dollar number we don’t yet have.
However, experts such as The Senior Citizens League talk about the increase in these benefits could be around 2.5%. While it is true that this would not be the largest increase in recent years, we should also note that overall inflation is stuck, so inflation is not the highest in history either.
Thus, payments would be about 2.5% more than they are right now in 2024. However, we still have to wait for an exact figure. If so, the maximum Social Security check would be very close to $4994, which would have citizens enjoying almost $5,000 per month of retirement at most.
Upcoming Social Security Payments
In the month of October we will see the next payments that the Social Security Administration will send to the different groups of beneficiaries. The requirements and the days when the money will be sent are as follows:
- October 1st: Supplemental Security Income payments for all Supplemental Security Income recipients.
- October 3rd: Pensioners with a benefit prior to May 1997 can get this payment.
- October 9th: Retirees with post-May 1997 checks with birthdays between the 1st and 10th receive payment on this day.
- October 16th: Retirees with post-May 1997 checks with birthdays between the 11th and 20th receive payment on this day.
- October 23rd: Retirees with checks after May 1997 with birthdays between the 21st and 31st get payment on this day.
Once we have the money in our checking account, we can use it for whatever we need. Remember that the collection method you choose will have a direct impact on the day your Social Security money will be available.
