The new COLA increase for 2025 will be announced on October 10, by the Social Security Administration (SSA). That will be the date when 65-year-olds can learn the exact boost for their future payments.
So far, the 2025 COLA projection is about 2.5%. The Senior Citizens League has been the most reliable one giving projections, and 2.5% was its latest prediction as of September 11, 2024. Since last year they also got it right, seniors are eager to know what this boost could mean to them if it becomes true.
65-year-olds and the 2025 COLA for Social Security: possible payment amounts
If there were a 2.5% increase, retirees aged 65 would receive 2.5 dollars for each 100 dollars they earn from Social Security. For example, if you received a payment worth 100 dollars, it would become 102.5 after the increase.
Those retirees aged 65 who receive payment worth 10 times that would get $1,025, up from 1,000 dollars. So, the 2025 COLA for them would be about 25 dollars extra per month.
In one single year, seniors who are 65 years old and get a 1,000-dollar check in 2024 will get a total of 300 dollars in 12 months. So, this 300-dollar increase is not bad after all.
Other possible amounts for 65-year-olds after COLA
As you may have seen in the previous example, the lower your Social Security payment is, the fewer dollars you will get. For example, if you are 65 years old and your payment is worth $500, you will get $512.5 after the COLA increase.
Those retirees who receive a higher payment and get 2,000 per month will get a boost worth $50. So, that will be 600 dollars in one single year. Needless to say, it is a fantastic boost.
If you are aged 65 and you have not filed at 70, but before, you can never opt for the largest payment from Social Security. 70-year-olds can receive up to $4,873 in 2024. So, if their payment is just $4,000, they will receive a COLA increase worth 100 dollars per month.