COLA increase in 2025 will increase Social Security payments for retirees and retired couples by 2.5%, bringing monthly totals to $1,968.49 and $3,936.98 respectively.
(Credit: Yahoo Finance)
Survivor Benefits Increase: In 2025, the cost-of-living adjustment (COLA) will increase Social Security payments for different recipients by varying amounts.
Currently, the average monthly payment for retirees in 2024 is $1,920.48. With the expected COLA increase of 2.5%, this amount will rise by around $48.01 each month, making the new total about $1,968.49 per month.
For a retired couple receiving Social Security together, their current average monthly income is $3,840.96. With the COLA increase, their benefits would go up by about $96.02, bringing their monthly total to roughly $3,936.98 in 2025.
SSA Life Expectancy Calculator: How Long Does It Take to Get Approved for Social Security Benefits?
People receiving Social Security due to a disability will also see an increase. In 2024, they will get an average of $1,539.92 per month, and with an expected rise of $38.50, their monthly payment will be about $1,578.42 in 2025. Widows and widowers will get an additional $44.61 each month on top of the current $1,784.56, bringing their monthly total to around $1,829.17.
Children of deceased workers receiving survivor benefits currently get an average of $1,103.59 per month. With a $27.59 increase, their new monthly payment will be about $1,131.18.
Due to high inflation, the Cost-of-Living Adjustment (COLA) for Social Security in 2024 is only expected to be 2.5%. This is a lot less than the 8.7% increase seen in 2023. But the change in 2024 is more like the average COLA over the last 20 years, which is 2.6%. This means that consumer prices have leveled off.
Form 8955-SSA: Important Dates and more
Many beneficiaries will have more money because of this increase, but higher Medicare Part B premiums could cancel out some of these gains. It is expected that premiums will go up from $174.70 to about $185 in 2024, which will make the COLA less useful overall.
The Medicare Trustees or the Social Security Administration are two reliable sources that you can look at for more information.
Several major companies have stopped sponsoring H-1B visas after the new $100,000 fee rule. Firms…
Social Security beneficiaries will receive an early Supplemental Security Income (SSI) payment on Friday, October…
Check when the IRA owner died, and whether they had begun RMDs
Current projections by analysts suggest an increase in the ballpark of 2.5% to 2.8%.
When the announcement is made, the increment will be considered from January 1, 2026
US rents are cooling after years of sharp rise. In 2024, over 600,000 new homes…