Over 71 million Americans rely on Social Security benefits. Many of them need this money to supplement their earnings and savings for retirement. SSI, retirement and disability beneficiaries are eager to know when they could enjoy COLA and how much it will be.
As a matter of fact, the Social Security payments with the COLA increase will not arrive until January 3, 8, 15, or 22, 2025. It will depend on when you are eligible. But when will SSA confirm the 2025 COLA increase for these payments in the US?
Date for the 2025 COLA increase announcement regarding Social Security
The Administration will not confirm the 2025 COLA figure until October 10, 2024. Therefore, there are just days left until this announcement is made. However, SSI, retirement, and disability recipients can check the latest projections.
For example, the Senior Citizens League announced that there could be a Social Security increase worth 2.5%. Actually, it has kept decreasing in the last two projections.
Therefore, there can be a great disappointment among retirees, SSI, and SSDI beneficiaries because they feel they are losing buying power. Payments could just increase by $25 if you receive a check worth $1,000 in 2024.
Who will be the first Americans to receive the Social Security COLA increase?
In fact, there is one group of recipients who will receive the 2025 COLA boost faster. Social Security has scheduled the 2025 SSI payment for December 31, 2024.
Hence, SSI recipients will be the first Americans to take advantage of the COLA boost. Nevertheless, they receive the smallest maximum amounts and they could just receive a few extra dollars.
For instance, if you qualify for the maximum amount for an individual, you could get $966 if there were a 2.5% increase. As you may have already figured out, this increase in the SSI payment is just worth 23 dollars. Thus, those who qualify for a smaller check can expect to receive fewer dollars from this Social Security increase.