Since the Social Security Administration announced the 2024 COLA boost in October 2023, beneficiaries may expect an announcement around that date. Do not forget that the SSA uses the schedule of releases for the Consumer Price Index given by the U.S. Bureau of Labor Statistics.
To know the exact COLA figure, the Administration will need to use the CPI for the months of July, August, and September. Therefore, SSA cannot calculate it until the CPI for September is announced.
When will Social Security unveil the 2025 COLA figure?
Since the U.S. Bureau of Labor Statistics will announce the CPI for September on October 10, SSA will release the 2025 COLA boost on October 10. So, there are a few months left to know the new Cost of Living Adjustment figure.
For those who want to know when the U.S. Bureau of Statistics announces the CPI, it will be on October 10, 2024, at 8:30 AM. The latest Cost of Living Adjustment estimate is not very high.
It is true that recipients may get more money from the next Cost of Living Adjustment than average increases. However, the latest COLA estimate is just 2,6% boost.
Will recipients get the 2025 COLA boost in October, 2024?
The Social Security Administration will not include the Cost of Living Adjustment increase until December 31, 2024. The first beneficiaries to receive the increase will be those on Supplemental Security Income.
Hence, if you get an average payment worth $698 in 2024, you could get about $716 in 2025. The maximum SSI payment for singles is $943 in 2024, so it could be about 967 dollars.
Retirees get an average payment worth $1,915, so their monthly payment could become $1,964 thanks to the 2025 COLA. SSDI recipients get a lot less. Their average payment is about $1,537, so it could be $1,576 from January 2025 onward.
