The Cost of Living Adjustment is one of the most anticipated items for all United States Social Security beneficiaries. Having access to one of these retirement checks means having an annual increase thanks to the COLA. And soon we will know what the 2025 COLA will be, so we can start calculating our check next year.
However, the exact COLA figure is still a few days away, so we must wait patiently to find out the number of dollars the Social Security Administration will send us extra starting next year 2025. What is certain is that the maximum checks of $4,873 will cease to exist, since we will have new checks larger than that amount.
When will we know the Social Security COLA 2025?
The approximate date to know what the COLA 2025 will be is not a guess, but we can guess. It is possible that in the second week of October we will know the amount of the COLA 2025. However, there is no official information on this. But it is customary for the U.S. Government to announce this figure at this time.
So, we should keep in mind about the COLA that:
- We will have the exact amount around mid-October.
- It is possible that the Social Security COLA will be 2.5%.
While it is true that we do not yet have an exact figure, The Senior Citizens League estimates that the increase will be 2.5% and this group usually has good predictions regarding these annual increases.
When will the Social Security COLA arrive in 2025?
The truth is that even though the increase in Social Security payments through the COLA will be starting in 2025, the first of the payments with this increased figure will arrive in this year 2024. The reason is that the Supplemental Security Income check also has the COLA applied to it.
For that reason, getting a check for this benefit means having the COLA added and you will be able to get the first of the 2025 benefit payments in 2024. January 1st is a holiday, so the Social Security Administration will pay this check to citizens on the immediately preceding business day, which will be December 31st, 2024.