How will the 2025 COLA impact the average SSI benefit amount?
Though a smaller increase compared to the last two, the COLA adjustment for next year means all benefits will still be increasing for the coming year.
The cost of living adjustment (COLA) increase for 2025 is 2.5%. Government welfare programmes will be increased by this amount for next year.
The maximum monthly SSI payments for 2024 are $943 for an individual and $1,415 for a married couple where both spouses are eligible for the program. For 2025 these amounts will increase to $967 and $1,450, a jump of $24 and $35 respectively.
This is only an approximate amount, which means that the exact number varies depending on the personal situation of each beneficiary. Here is a simple formula with which you can calculate the increase in your payments for 2025: multiply the figure of your current benefits by 1.025.
This increase means the average payment of a retired worker for 2024 will increase by approximately $57, which leaves the checks for next year at an average of $1,885 per month.
When will this increase take effect and when will recpients know for certain the changes?
According to the official statement, Social Security began notifying people of their new benefit amounts by mail starting in early December.
Related stories
The increase in payments applies to the more than 68 million Social Security beneficiaries and will be reflected automatically starting from the first checks of 2025.
Read also:
As Social Security checks and inflation cool, the price of this beloved fruit has skyrocketed 13%