Once 2024 is over, the January payments for 2025 are about to unveil some key updates for the Social Security Administration (SSA) of the United States. Among these changes are crucial updates to the benefits that will be distributed in 2025.
For your information, one of the most noteworthy changes is the Cost of Living Adjustment (COLA), which is expected to see a 2.5% boost. This COLA update will have a direct monthly impact on SSA’s recipients, enhancing their financial well-being.
It’s estimated that retirees alone will receive an average increase of around $50 in their monthly checks. However, this boost in income will also extend to other beneficiaries, ensuring substantial financial improvements for many.
Rise in Social Security payments and SSI
Starting on January 3, 2025, those receiving benefits from the Social Security Administration (SSA) will experience a boost in their monthly income. Thanks to the Cost of Living Adjustment (COLA), individual beneficiaries will see their payments rise from $1,927 to $1,976 per month. While eligible married couples will notice an increase from $3,014 to $3,089 monthly.
Individuals with disabilities will also enjoy significant increases, as their benefits will jump from $2,757 to $2,826 per month. On average, the SSDI check for an individual is $1,542 in 2024. So, it could become $1,580 in 2025.
Aspects Affecting Benefit Variability
It’s important to note that the deposits can vary from person to person. This variation depends on factors such as the number of years worked and the age at which one retired, particularly in the case of pensioners.