The Social Security Administration will announce the figure for the 2025 COLA boost on October 10, 2024. That is when the Bureau of Labor and Statistics will release the Consumer Price Index for the month of September.
Social Security will need the Consumer Price Index for the months of July, August, and September to compare them with the same term in 2023. Even if the 2025 COLA amount is unveiled on October 10, retirees will not get an increase until January 2025.
2025 COLA evolution in 2024
One of the best predictions for last year’s COLA has to do with The Seniors Citizen League. Since they seem to be very accurate when it comes to Social Security increases, let’s have a look at the forecasts they made so far.
As of January 2024, the inflation rate started higher than the 2024 COLA boost. However, the Senior Citizens League predicted a big drop ahead. In fact, it became true since their estimate on February 13 was 1.75%, unlike the 3.2% COLA for 2024.
Their guess for April was 2.6%, so it increased after the figure for February. The 2025 COLA prediction for May was 2.6%, so it remained the same. However, the latest Cost of Living Adjustment forecast was a letdown for many retirees who expect a bigger boost. Their prediction has gone down to 2.57%.
How the 2025 COLA could boost Social Security benefits
The Cost of Living Adjustment may increase benefits amounts for 2025. For example, if you receive retirement benefits from Social Security worth $1,000, you could get about $1,025.7 in 2025.
Of course, that is as long as there is a 2.57% boost. The higher your Social Security check is, the more extra dollars you will receive. For example, if you get $2,000 in 2024, you may get $2,051.4 in 2025 after the Cost of Living Adjustment.
SSI payments can be up to 943 in 2024, after the 2.57% boost SSI checks could become $967.23. Married couples on SSI can receive up to $1,415, so it would be about $1,451. SSDI recipients get $1,537 on average, so it could be about $1,576 after the boost.