Getting a very high Social Security check each month is one of the big goals of most United States citizens. However, it is true that it is not always possible to reach a very high figure. There are many factors that can cause our retirement benefit to fall a little short. But, fortunately, there are mechanisms to increase each year’s retirement check and, in addition, get an extra payment to use on what we really need.
So, if we have a good understanding of the rules that determine how much we can increase our benefit each year we are going to have a much better standard of living. Likewise, being aware of all the benefits we can claim is also a huge advantage, as it will help us pay our bills without any problems.
Whatever our current benefit is, from next year 2025 we are going to have an increase thanks to the COLA. This increase has not yet defined the percentage of the increase, but very soon we will be able to know if we will really have a good extra benefit or not. However, if we have not yet applied for a retirement check, we should maximize our Social Security payment before doing so.
How much will my Social Security increase in 2025?
According to expert forecasts, Social Security checks will increase by about 2.5% in the coming year 2025. This means that for every $100 we would get $2.5 more. Certainly, the increase doesn’t sound like much, but when you consider that the maximum Social Security check can reach $4,994, it changes things a bit.
Adding up all the checks for the year, by the end of 2025 we will have obtained a good amount of extra money. So, yes, we are looking at a significant increase, although it may not seem that way to some.
The COLA will apply to all current Social Security benefits. In addition, this process is fully automatic, so we won’t have to do anything to get it. If we already collect a monthly Social Security check we can have the payment available to us with no problems.
Extra Social Security Payments in 2025
If your Social Security check for next 2025 doesn’t look too big anyway, there’s no need to worry too much. There is the possibility of getting a different check that will ensure we have up to $943 a month in 2024, but in the next year it will be larger.
This check is the Supplemental Security Income and to apply for it we have to meet two requirements:
- Be 65 years old or older or have a disability.
- Have low monthly income and low resources.
If we are in this group we will be able to get the monthly check of the Supplemental Security Income, which is not taxable. Therefore, we will not have to worry about filing the Tax Return and sending it to the IRS, since the money we get from this Social Security benefit is not part of our usual income.