The US Government has released many stimulus checks and provided financial assistance to residents. There are over 50 Million Americans, that get social security retirement benefits. Millions of the US retirees will get social security checks from government, and meets their daily living needs.
The government has made changes in social security payments with time and provides financial relief to beneficiaries, COLA Increase is an adjustment that people look forward to every year. The beneficiaries list includes the single retiree, retiree couples, disabled workers, widow, and children of worker who died.
COLA Increase 2025
In US, more than 25% of retirees will able to live their life comfortably after retirement. High Inflation Rates is the reason why the retirees will not able to live their life stress free. More than 50% of individuals in the US will face the issues because of the high inflation rate, increasing living costs, and financial crisis.
The increase for social security payments are determined, on basis of inflation rate from July to September, that is 3rd quarter of every year. It determines the price selection to meet the needs of eligible Americans.
For example, if there is 3.2% increase in 3rd quarter CPI-W in 2023, then it appears in 3.2% increase in social security payments 2024. The SSA department will soon determine the COLA 2025 increase in October, according to the third-quarter CPI-W data till September.
2025 Cost of Living Adjustment Increase
| Authority Name | Social Security Administration |
| Program | Cost of Living Adjustment |
| Country | USA |
| Increase Rate | Expected 2.5% Raise |
| Announce Date | October 10, 2024 |
| Category | Government Aid |
| Official Website | https://www.ssa.gov/ |
Social Security COLA Eligibility 2025
The US citizens must meet certain eligibility criteria to become eligible for a social security increase, according to COLA 2025:
- The age of retirees must be 65 years old or above to avail retirement benefits.
- The applicant must have US residency to become eligible for a social security increase in 2025.
- The income of individuals should not more than the federal poverty level.
- The person must have a record of a minimum 20 work credits during the past 10 years to be eligible for disability benefits.
Social Security Payment Schedule
SSA will published the COLA 2025 from October 2024. The increase will effective from 1 January 2025, and release the SSA payments accordingly. Beneficiaries will get their payments, according to the latest Cost of Living Adjustment increase, after the effective date.
SSA will soon declare the exact payment dates for COLA 2024 and provide payment schedules to beneficiaries. The payment schedule will expected to published on the website in October.
COLA Increase For 2025
The latest facts shows that the SSA will make decision to increase COLA 2025 and take it in effects from January 2025. SSA recipients will get an increase in their payments after COLA implementation.
It is suggested to the US citizens to wait for the confirmed action take by SSA regarding COLA updates. For this, you should check the official website to get the accurate details.
FAQs
Is the COLA increase the same for everyone?
Yes, the percentage increase is the same, but the dollar amount varies based on your current benefits.
Do disability benefits get a COLA increase?
Yes, people on Social Security Disability Insurance (SSDI) will also see the COLA increase.
When will the COLA 2025 increase be effective?
The COLA increase will take effect on January 1, 2025.