The Social Security Administration could increase benefits by about 2.57% in 2025. The latest 2025 COLA estimate is not what many retirement, disability, and SSI recipients expected though.
If there were a 2.57% COLA increase, Social Security retirement recipients could get about $49 extra per month on average. That is about 10 dollars lower than in 2024. As of April 2024, the average payment is $1,915, up from $1,848 in December 2023.
2025 COLA estimate and the SSI maximum amounts
The Supplemental Security Income program also receives an increase when retirees and disability insurance beneficiaries get it. Since the maximum SSI payment is worth $943 in 2024, it could be $967 after the 2025 COLA.
Married couples who both qualify for SSI can get up to $1,415. Therefore, their maximum SSI benefit may be about $1,451 if there were a Cost of Living Adjustment boost of about 2.57% in 2025.
The thing is many SSI recipients also get Social Security retirement or disability benefits. So, their payment may be much lower. The average SSI check for 65-year-olds and older is $574, thus, those 65 or older could get about $588.
SSDI payments after a possible 2.57% COLA boost
Social Security Disability Insurance average payments are worth $1,537 as of April 2024. After the COLA increase, they could become about $1,576. Of course, as long as there was a 2.57% increase.
Survivor benefits and spousal benefits are another possibility. For example, a widowed mother and 2 children get about $3,653 as of January 2024, so they could get about $3,746.
Spouses of retired workers get an average payment of about $911 as of April 2024. Hence, they could receive about $934 after a possible 2.57 COLA boost in 2025. If inflation continues cooling down, Social Security beneficiaries and SSI recipients may even get a lower increase.
As for the official date when Social Security will announce the 2025 COLA, it will be on October 10, 2024. Payments will not include the increase until December 31, 2024. Those who have not filed for benefits yet should do it if they need to get extra income in retirement.
