The latest projections for the Social Security COLA for 2025 are not very high. At least, not as high as in 2022 or in 2023. Bear in mind that they were about 5.9% and 8.7% respectively.
However, the good thing about it is the fact that it could be higher than the average annual COLA figure. The problem is it depends on inflation. The higher the inflation is, the more money Social Security recipients get. But they will also have to face higher prices for food, services, or other things.
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WHAT IS THE LATEST SOCIAL SECURITY COLA PROJECTION FOR 2025?
According to the Seniors Citizens League, there could be a Social Security 2025 COLA increase of 3%. Inflation has kept increasing since the new year started and it may continue growing.
That implies that retirees, SSDI and SSI recipients may get about a 3% increase from December 31 onward. For example, if your payment is worth $1,000, you will receive $1,030.
Even if it does not seem to be like a great deal of money, it will come in handy. Keep in mind that it will be a total of $360 in 1 year. If you get $2,000 per month in 2024, you could receive $2,060 monthly in 2025.
HOW COULD AVERAGE PAYMENT INCREASE AFTER THE SOCIAL SECURITY BOOST IN 2025?
If you receive an average Social Security retirement benefit worth $1,913 in 2024, it could become $1,970. In fact, that would be about $57 extra per month which is lower than the 59 dollars retirees got in 2024.
Social Security Disability Insurance has an average payment of about $1,537, so SSDI recipients could get $1,583 if there is a 3% boost. SSI recipients could also get a 3% COLA in 2025.
Nevertheless, SSI payments are lower. That will make any COLA boost seem too low. Approximately, they could receive about 20 dollars extra per month if they receive an average check in 2024. Therefore, the average SSI payment will be of about $719, instead of $699.