Almost 70 million Americans receive benefits and they may benefit from the upcoming Social Security COLA increase in 2025. Although many retirees or disability recipients may feel the COLA boost may be too low, it will definitely come in handy.
Just like in the previous year’s projections, the Senior Citizens League has released the latest Social Security COLA projection. Bear in mind that their experts are the ones who have been most accurate in the previous COLAs. In fact, last year’s prediction was spot on!
What is the latest 2025 COLA projection for Social Security?
According to the Senior Citizens League, the 2025 COLA projection is 2.57%. That means, if nothing changes, recipients will get more money in the future retirement or disability benefit payments in January. Supplemental Security Income recipients will also benefit from this moderate increase.
However, last month’s prediction was slightly higher. Therefore, many retirees and disability beneficiaries will be disappointed because it is not the high COLA figure they would like to receive from Social Security.
Last month, the Senior Citizens League announced that there could be a 2025 COLA for Social Security of about 2.63%. It was not a high figure, but it is still much better than the new projection of 2.57%.
How much could Social Security benefits increase after the latest COLA projection?
All benefits will increase by the same percentage. Nevertheless, the higher your Social Security check or direct deposit is, the more extra dollars you will get after the COLA boost coming in 2025. For example, check the list with possible amounts regardless of the types of benefits (retirement, survivors, spousal, SSI or disability):
- if you earn $1,000 in 2024: your future check may be worth $1,025.7
- if you earn $1,500 in 2024: your future check may be worth $1,538.55
- if you earn $2,000 in 2024: your future check may be worth $2,051.4
- if you earn $2,500 in 2024: your future check may be worth $2,564.25
- if you earn $3,000 in 2024: your future check may be worth $3,077.1
- if you earn $3,500 in 2024: your future check may be worth $3,589.95
As you can see, if your SSDI, SSI, or retirement benefit is worth $1,000 in 2024, it could become about $1,025 in 2025. So, it will increase by 25 dollars only. But those with a Social Security payment worth $3,500 may benefit from a possible $89 increase.
