In the United States, Social Security is one of the most important government programs. It helps millions of disabled and low-income Americans who would have a hard time paying their bills without these monthly payments.
It also helps retirees enjoy their golden years. In addition to giving monthly benefits of $698 to $4,873, the Social Security Administration also adds the cost of living adjustment (COLA) every year.
This is based on inflation. Based on the new COLA increase that the Bureau of Labor Statistics figures out, this means that Social Security benefits will go up at the start of the year.
Social Security has confirmed the first payment date, including COLA for next year
United States citizens who are eligible for the Old Age, Survivors, and Disability Insurance (OASDI) program will get their first higher payment on January 8, 2025. This is according to the 2025 Social Security payment schedule.
People who were born between January 1 and October 10 of any given month and got their first benefit after May 1997 are eligible for this payment.
In this case, if you meet these requirements, you will be one of the first Americans to get the new Social Security checks, which will include the 2.5% COLA increase.
Following this payment, the federal agency will still have three more payments to make for people who receive OASDI and one more payment for people who receive Supplemental Security Income (SSI), as explained below:
- January 15th (3rd Wednesday). If you were born between the 11th and the 20th and you qualify for the OASDI program, you could receive between $1,948 and $4,995.
- January 22nd (4th Wednesday). If you were born between the 21st and the 31st and you qualify for the OASDI program, you could receive between $1,948 and $4,995.
- January 31st (extra payment). If you earn less than $1,907 per month and you meet resource conditions from the SSI program, you will receive between $715 and $1,450.
Keep in mind that these are the scheduled dates for beneficiaries. If your monthly check does not arrive on that day, the SSA says to wait three days before calling customer service.
If you still have not gotten your check after these days, you can call or go to an SSA office to talk about your case. Also, do not forget that you can log in to your “My Social Security Account” to find out more about your monthly benefits, download your financial statements, and even ask for more Social Security-related services.
How much will all beneficiaries earn with the new 2.5% COLA increase next year?
The SSA will figure out how much each beneficiary will get each month based on their specific situation. There are differences between people who applied for benefits before they reached full retirement age (FRA) and those who waited until they were 67.
People who applied earlier will get less money. Plus, it will depend on how much they pay in Social Security taxes over the course of their working lives.
We would like to tell you the average and maximum benefit payments that each beneficiary can get based on the program they qualify for. This is because the payments are different. Also, we will show them how much money they get now (in 2024), as well as how much it will go up next year because of the cost of living adjustment:
Beneficiaries | Average monthly benefit | Plus 2.5% COLA increase | Extra benefit |
Retired Workers | $1,900 | $1,948 | $48 |
Survivors | $1,508 | $1,546 | $38 |
Disabled people | $1,537 | $1,575 | $38 |
SSI – Individuals | $943 | $967 | $24 |
Beneficiaries | Maximum benefit | 2.5% COLA increase | Extra income |
Retired workers | $4,873 | $4,995 | $122 |
Survivors | $3,653 | $3,744 | $91 |
Disabled people | $3,822 | $3,918 | $96 |
SSI – Couples | $1,415 | $1,450 | $35 |
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