January 1, 2025 marks the start of the 2025 COLA, a 2.5% increase in benefits for SSI recipients, with an average monthly payment boost of $48.
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2025 COLA SSI Increase Date: January 1, 2025, is a very important date for people who get Supplemental Security Income (SSI) because it is the start of their cost-of-living adjustment (COLA). It is likely that this year’s COLA will be lower than in previous years because inflation has gone down since the pandemic. However, for many Americans, it will still be a welcome increase.
The 2025 COLA will be made public by the Social Security Administration (SSA) on October 10, 2024. Some experts think that SSI recipients will see an increase in their benefits of about 2.5%. This may not be as big of an increase as in recent years. This increase means that the average monthly payment will go up by $48, bringing the total to about $1,966.
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This percentage might not seem like much when compared to the notable increases witnessed during the height of inflation, such as the 8.7% increase in 2023, but it’s sufficient to keep Social Security benefits in line with the price of necessities. COLA increases over the past few years have amounted to an astounding 23.4%, which has assisted recipients in keeping up with growing costs.
The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which tracks the prices of goods like food, energy, and transportation, is the basis on which the SSA calculates COLA. The third-quarter 2024 data, which shows a sharp decline in inflation since the pandemic, is reflected in the 2025 adjustment.
SSA’s beneficiaries can expect to hear about their new benefit amounts by December 2024. By the middle of November, there will be an online preview for people who want to know more quickly. The cost-of-living adjustment (COLA) should be part of the first payment of the year, which will be made on January 1.
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The expected increase for SSI will be the smallest since 2021, but this is still good news for people who depend on Social Security. The extra money will help retirees keep track of their spending and make their money go further, especially now that inflation is leveling off.
As the year 2025 draws near, don’t forget that every little bit helps! Keep an eye out for the official news on October 10.
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