Goodbye to 2024 Cost-of-Living Adjustment – Social Security Confirms Checks Will Change Again on January 1

During the summer, there was a lot of talk about the cost-of-living adjustment (COLA) for 2025. Seniors on Social Security were hoping that their payments would go up a lot after the 3.2% COLA started at the start of 2024.

However, the COLA will not be as high next year because Social Security benefits are only expected to go up by 2.5% in 2025 because inflation is expected to have gone down.

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It might seem like bad news at first. But if we look into it more, we might find that living costs are not going up as fast as they did a year ago. Inflation should slow down to make up for the fact that your Social Security income might only go up by a small amount.

Until then, you might be interested in knowing when your 2.5% Social Security COLA will be sent to your bank account. Here’s how the date of the raise should look.

Social Security checks will change again on January 1st

Since the 2.5% COLA for Social Security starts in January, your first benefit check in 2024 should be more than your last check. But your date of birth will tell them when to send you the money.

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To learn more about how the Social Security Administration makes sure that payments are made on time, read on:

• If you were born between the first and tenth of the month (regardless of the month), your first increased Social Security check will arrive on January 8th, 2025.
• If you were born between the 11th and 20th of the month, you can expect your first higher Social Security payment on January 15th, 2025.
• If you were born between the 21st and the end of the month, your first major bonus should arrive on January 22nd, 2025.

This is how you can expect the rest of your Social Security benefits to be paid out in 2025. Let us say your first Social Security payment comes on the second Wednesday of every month. All of your other payments should also come on the same day throughout the year.

How much extra money will beneficiaries receive from their Social Security checks in January?

The average Social Security recipient can look forward to a monthly increase of about $49 in benefits in 2025. But that does not account for the fact that Medicare Part B costs are going up.

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When a senior is on both Social Security and Medicare at the same time, their monthly Part B premiums are taken out of their benefits. So, that is one thing that could go wrong.

Also, because Medicare costs have gone up, your monthly benefit might not be as much as you thought it would be.

That sounds like you. If you are worried about making ends meet next year, you might want to look into the gig economy as a way to make extra money.

Putting in five or ten hours a week could make a big difference in your monthly income compared to your upcoming COLA. That might also give you the breathing room you need to better handle your important bills and save money for fun things to do in retirement.

Also, because of the 2.5% COLA increase, the following are the new payment amounts that people who get Supplemental Security Income (SSI) and Retirement, Survivors, and Disability Insurance (RSDI) will get starting in January 2025:

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