In the United States, everyone’s Social Security payments are about to go up. What this means is that a lot of people will get bigger checks when they leave.
In addition, the COLA means that people who are disabled, widowed, or for some other reason may get this extra money.
If we pay close attention to what the government says the raise will be next week, we can figure out how much money we will get in January 2025.
This rise is meant to directly fight inflation. Thus, people who get Social Security will never be short of cash to cover their usual expenses.
How much will Social Security increase in 2025?
The truth is that we do not have the exact COLA number yet, but we have a good idea of what it is.
Assuming the predictions come true, Social Security will go up by 2.5% by next year (2016). If not, this would not happen, but something else would. It is still too early to say for sure what the number is.
This means that if we take 2.5% off the 2025 COLA and add it to our 1920 Social Security check, we would have an extra $50 a month. At this rate, this is the average Social Security check for the year 2024. However, the average check in 2025 might be different.
Keeping this in mind, we can guess what the checks will be like 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.
This means that any person can figure out what payment they will get in 2025 by adding 2.5% to the payment they are getting now. Of course, we still have to wait a little while longer for the final COLA that will raise Social Security payments. The process is very simple.
When will we know Social Security’s 2025 COLA?
The 2025 COLA will be made public for the first time on October 10, 2024. The US government will announce on that day the exact number that will make Social Security checks bigger next year.
While we wait, experts say that the price will go up by about 2.5%, which is what we already thought would happen.
If that COLA number is finally released, we will know what the highest Social Security check will be the following year. But if that number is not released, we will just have to do the maths with the number we get.
Still, it will not really matter if we do the maths or not; the process is automatic, and we will get that increase without any problems in January of next year.