SOCIAL Security beneficiaries are about to get a boost.
The annual cost of living adjustment, or COLA, is on its way.
This year, it will hit 2.5% to help retired people cope with inflation.
The Social Security Administration said the increase could benefit 72.5 million Americans.
TIMING
Some could see this new amount reflected in payments as soon as December 31.
People receiving Supplemental Security Income, or SSI, will see the new payment amount reflected on New Year’s Eve.
In 2024, most SSI recipients received checks worth $943.
To reflect the COLA bump, 2025 checks will be worht $967.
Most, however, will get their new payments in January.
Social Security beneficiaries will see a boosted check in the new year, too. For those who reach the full retirement age of 67, the monthly check is worth $4,043. If you wait until the maximum age to collect Social Security, which is age 70, the check is worth $5,108 a month.
See the Social Security Administration’s payment calendar for more details.
COST OF LIVING
In the wake of the pandemic, years of inflation have hit consumers hard.
That includes retirees.
Luckily, COLA was created during the inflation of the 1970s to help older people adjust.
This year’s COLA of 2.5% is the lowest since 2020.
That reflects a cooling of inflation in the past two years.
In the recent economic cycle, the highest COLA came after 2022.
2025 Social Security Payment Schedule
Social Security payments are handed out on the second, third, and fourth Wednesday of each month. Benefits will be paid out in 2025 on the following dates:
January 8, 15, and 22 February 12, 19, and 26 March 12, 19, and 26 April 9, 16, and 23 May 14, 21, and 28 June 11, 18, and 25 July 9, 16, and 23 August 13, 20, and 27 September 10, 17, and 24 October 8, 15, and 22 November 12, 19, and 26 December 10, 17, and 24That was around the time inflation peaked, and the COLA therefore reached 8.7%.
It was the highest COLA since 1981.
INFLATION NATION
Inflation caused significant upheaval worldwide as some consumers struggle to afford even the basics.
Luckily, the Federal Reserve has lowered interest rates as the rate of inflation has dropped.
But inflation forced many cost-cutting measures, and it’s still ticking upwards.
It’s also pushed people into smaller homes thanks to a nationwide housing shortage.
Some have even considered buying houses on Amazon.
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