Social Security Announces New Cost-of-Living Adjustment (COLA) Checks – What You Need to Know
Over 70 million beneficiaries, including retirees, disabled individuals, and others who rely on Social Security, will experience changes in their monthly payments starting in January 2025.
Key Details:
- Effective Date: The new COLA will be reflected in checks starting in January 2025.
- Average Monthly Benefit: The average retired worker will see their monthly benefit increase by approximately $50, bringing the average benefit to $1,790.
Predicted Benefits With COLA 2025 for age 54-65+ :
Based on current estimates, here’s what you can expect from Social Security benefits by 2025:
Old-Age Benefits:
| Category | Current Amount | Estimated Amount with COLA 2025 |
|---|---|---|
| Average | $1,871.09 | $1,920 |
| Maximum at Age 62 | $2,710 | $2,781 |
| Maximum at Age 67 | $3,822 | $3,923 |
| Maximum at Age 70 | $4,873 | $5,001 |
Disability Benefits:
| Category | Current Amount | Estimated Amount with COLA |
|---|