The Government, through the Social Security Administration (SSA), updates payments once a year. Although you may not know, your payment already includes the 2024 COLA boost.
As a matter of fact, all Social Security retirement beneficiaries qualified for a 3.2% COLA increase. It was last January 2024 when recipients got 50 dollar boost on average.
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Actually, retirees took advantage of the highest increase since they got $59 extra per month on average. While SSDI beneficiaries just got $48. Social Security only increases benefits if there is inflation.
WHEN WILL SOCIAL SECURITY REVEAL THE NEXT COLA INCREASE?
Generally, the Administration announces the COLA increase on October 12. They will check the inflation during the last three months and compare it with the previous year’s figures during the third term.
For example, it was last October 12, 2023, when the Social Security Administration revealed that benefits would go up. Since inflation had been about 3.2%, benefits would increase the same amount.
Unfortunately, many taxpayers had the feeling that this COLA increase was not enough. Soaring and exorbitant prices make it difficult for seniors to make ends meet in both 2023 and 2024.
WHEN WILL THE NEW COLA INCREASE TAKE PLACE?
Although the Social Security Administration may announce the 2025 COLA on October 12, 2024, it will not be sent on that date. Not surprisingly, the first Americans to get the new COLA will be SSI beneficiaries.
SSI (Supplemental Security Income) recipients will get their January payment on December 31, 2024. So, they will be the first to get the COLA boost even before 2025 arrives.
Bear in mind that inflation may also be low throughout the year and there is a possibility that there is no increase. In that case, Social Security retirement benefits will remain the same in both 2024 and 2025.