Millions of American retirees are looking forward to receiving a Social Security increase in 2025. However, if you receive a lower-than-average check, your boost will be low.
Even if the percentage is the same for all the different payment amounts, the number of extra dollars recipients may get after the 2025 COLA jump from Social Security will be completely different in most cases.
Who may receive $100 from Social Security after the 2025 COLA?
According to the Senior Citizens League, there could be a COLA boost of about 2.57%. That is the latest projection in August and it is down from 2.63 percent in July.
So, if you receive $4,000 from the Social Security Administration in 2024, you may receive $4,102.8 after COLA. Of course, this will only be possible if the latest projections become true.
A lower inflation in August and September can wreck this prediction. But if it remains the same, some high earners may get $100 extra after the 2025 COLA increase.
What is the largest Social Security check in 2024?
Since the average retirement payment is worth $1,919 as of July 2024, not many retirees may benefit from a $100 COLA jump. AS you can see, some workers may be able to get $4,000 per month from Social Security.
But is this the largest retirement benefit amount? As a matter of fact, it isn’t. Retirees can earn up to $4,873 in 2024. These recipients can get such a large payment because they:
- have earned the taxable maximum for 35 years
- have worked for 35 years
- have paid enough taxes to SSA
- have filed at the age of 70
Therefore, if you are a retiree who qualifies for the average check worth $1,919, you will not get $100 extra after the 2025 COLA. If there were a 2.57% boost, an average check or direct deposit would become $1,968. So, seniors may get about $49 extra per month. If your payment is too low, you should apply for SSI.