The 2024 COLA will be added to the new Social Security payments that start in October. But Americans who also get a cheque in 2025 will see another COLA added. This means that our retirement payments will be bigger next year.
We can see that in 2025, Social Security retirement checks will not be capped at $4,873. Instead, they will be higher. Even though this new COLA has not been officially announced yet, it looks like we already have a good idea of how much it will be. In just a few months, it will be a nice bonus.
How to get the largest Social Security in 2025?
When we plan our Social Security checks, the first thing we need to remember is that we get the COLA every year no matter what kind of benefit or check we get.
The Cost of Living Adjustment means that if we start getting our retirement payment in 2025, we will get a little extra each month.
We should think about the three things below, though, if we have not already retired:
- Retirement age.
- Years worked.
- Salary as a worker.
When we add these three numbers together, we get the amount of the monthly Social Security check.
The highest amount we can get is $4,873, but it will definitely be higher in 2025. To get there, we must work for at least 35 years at a high pay and retire at age 70.
That is the only way we could get the biggest cheque, but that does not mean we will get a small one if we do not make it.
It is also important to remember that if our Social Security income is low, we can always get extra help from the USDA through Supplemental Security Income or SNAP Food Stamps.
What will Social Security’s 2025 COLA be?
We will get a bigger cheque from Social Security in 2025 because of the COLA, but we do not know the exact amount yet so we can not figure out how much money we will get in benefits.
Due to rising prices over the past few months, it looks like the checks will go up by about 2.5%.
This means that the biggest cheque will only pay out $4,994 to those who qualify.
In any case, we have to wait a few more days to find out what the official COLA 2025 is. The final number will be released by Social Security in the middle of October.
Also see:-New details and the official date for the 2025 Social Security Cola Increase