United States Social Security benefits are close to increasing for all beneficiaries. This implies that many of the citizens will go on to have a better retirement benefit check. But not only that, but also retirees on Disability, widowed or otherwise may get this extra income thanks to the COLA.
Just by paying a little attention to what the increase announced by the government will be next week we will be able to calculate the check we will get as of January 2025. This increase is designed to directly address inflation. This way Social Security recipients will not find themselves without enough money to pay their regular bills.
How much will Social Security increase in 2025?
The truth is that we do not yet have the exact COLA figure, but we do have an approximate amount. By next year 2025 we will be looking at a 2.5% increase in Social Security if the projections are accurate. If not, this would not be the case, but we would have something different, but it is still too early to know an exact figure.
Keeping in mind that the average Social Security check is 1920, so if we add 2.5% from the 2025 COLA we would have about $50 more each month. This would be the average check for this year 2024, but it is possible that the average Social Security check in 2025 will be different.
With this in mind, we can calculate what the approximate checks will be in 2025:
- Maximum Social Security retirement check: $4,994 per month. In this year 2024 it is $4,873, so by adding 2.5% we get that approximate figure.
- Maximum Social Security Disability check: $3,917 per month. To the $3,822 per month maximum in 2024 we add 2.5% to get that approximate figure.
Thus, any citizen can calculate what payment they will get in the coming year 2025 by simply adding 2.5% to the payment they are currently getting. It is a very easy process, but it is true that we still have to wait a bit until we finally get the final COLA that will increase Social Security payments.
When will we know Social Security’s 2025 COLA?
The official date for the announcement of the 2025 COLA will be October 10, 2024. On that day, the United States Government will release the exact number that will increase Social Security checks in the coming year. At the moment we can only wait, but experts say that the increase will be around 2.5%, as we have already anticipated.
If we finally have that COLA figure, we already know what the maximum Social Security check will be in the following year, but in case that is not the final figure, we will simply have to calculate with the number we get. Even so, it won’t matter much whether we calculate or not, since the process is automatic and starting in January of next year we will get that increase without any problems.