If you’re a Social Security beneficiary in the United States, you may be keeping an eye on upcoming payment dates, especially with the Cost-of-Living Adjustment (COLA) coming in 2025. Starting in January, these payments will be adjusted to offset price increases and ensure the purchasing power of those who rely on these incomes.
The last payment dates for this year are set for November and December, but the new year will bring a revised deposit schedule and adjustments. A recent study by the National Institute on Retirement Security highlighted a concerning fact: only 11% of Americans who haven’t retired yet know exactly how much they’ll receive in Social Security benefits when they reach retirement.
How much do Americans know about their Social Security benefits?
This low percentage underscores a lack of planning and understanding of a critical component of financial stability in older age. Moreover, 24% of respondents stated that they were “not very sure” of the amounts they’ll be entitled to, while another 22% admitted that they had no idea about their future benefit amounts.
Tyler Bond, the Institute’s Director of Research, emphasizes that workers can access an estimation of their future benefits by visiting the Social Security Administration’s (SSA) website. There, they can create an account and review a personalized estimate of their expected income. Yet, despite this tool being readily available, most people do not take advantage of it, leaving a significant information gap that could impact their long-term financial planning.
How to find out about your Social Security benefits
For those wanting more control over their financial future, creating an account on the Social Security Administration’s official website is a good first step. Through this platform, users can view a detailed history of contributions, check for possible errors, and see an estimate of retirement benefits. Anyone over 18 can register through the “My Social Security” section and securely access this information.
Knowing in advance how much you’ll receive upon retirement can help you adjust your personal finances and determine if you need other income sources, such as pension plans or additional savings. In economically uncertain times, having a clear idea of your future benefits can make a real difference between a secure retirement and a tighter financial situation.
Social Security payment schedule for 2025
The Social Security Administration has already set the payment schedule for 2025, and having these dates in mind can help you manage your expenses. Monthly payments will follow a regular schedule, with specific dates assigned for each month, Social Security retirement payments in 2025:
- 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, 23, and 30
- August: 13, 20, and 27
- September: 10, 17, and 24
- October: 8, 15, and 22
- November: 12, 19, and 26
- December: 10, 17, and 24
The Cost-of-Living Adjustment: what it is and why it matters
The Cost-of-Living Adjustment, or COLA, is a mechanism used by Social Security to keep pace with inflation and ensure that retirees’ incomes don’t lose purchasing power as the cost of living rises. With the prices of basic goods and services generally increasing each year, this adjustment guarantees that beneficiaries aren’t left financially behind.
The percentage increase in COLA is determined based on consumer price indexes, which measure price changes in goods and services over time. For 2025, a significant adjustment is expected to account for recent inflation, ensuring that pensions maintain their real value as prices continue to rise.
Preparing your financial future
Although Social Security is a vital income source for many retirees, understanding the specific amounts you’re entitled to can help you make informed decisions. Considering other savings options, such as pension funds or investments, can also provide added financial security.
Retirement planning isn’t just a matter of age but also of clarity around the income you’ll have at that stage of life. Using tools like the Social Security website to accurately understand future benefits can be a reliable way to avoid surprises and prepare for the future.