The Social Security Administration recently said that some seniors will be able to get a new check worth up to $967 per month in 2025. This is because of the cost of living adjustment (COLA) that will happen next year.
Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) recipients and retirees will get more money thanks to a new 2.5% cost-of-living adjustment (COLA) that the Social Security Administration (SSA) just revealed.
If you get benefits from Social Security or the government for retirement, a disability, or a widow, find out more about the new check and what you need to do to get it.
Social Security released the official payment dates for the new $967 check
For the SSI program, more than 7.5 million Americans depend on this monthly payment, which will be the following next year because of the COLA change:
- Individual: $943 in 2024; will receive $967 with a 2.5% COLA rise.
- Eligible Married Couples: $1,415 in 2024; will receive $1,450 with a 2.5% COLA increase.
- Essential persons: $472 in 2024; will receive $483 with the 2.5% COLA rise.
Supplemental Security Income is a program run by the Social Security Administration that helps seniors, older people, retirees under age 67, and disabled children who do not have a lot of money.
The next checks that will be sent to people who get Supplemental Security Income will be on November 1 and November 29.
November 29 is an advance payment for December because it is a weekend, and December 31 is an advance payment for January because it is a holiday.
How much will other Social Security beneficiaries earn next year?
In addition to SSI benefits, the federal agency also gives monthly benefits to people who qualify through the retirement, survivor, and disability insurance (RSDI) program.
These benefits are based on a number of factors, such as the person’s full retirement age (FRA), their work history, and the amount of Social Security contributions they made while they were working.
Once a person is accepted into the program, the SSA will use the above factors to figure out how much they will get each month. This amount will be changed every year to help the person keep up with inflation.
COLA has an effect on Social Security programs because its main goal is to protect retirees and other program members’ fixed incomes from the effects of inflation.
If nothing is done about inflation, people may slowly lose the ability to buy things, which would keep poverty from changing the way Social Security systems work as a whole.
In that case, it does not make sense for a benefit that is useful right now to become less useful every year until it is no longer useful at all.
Since 1975, the COLA has been described as doing this regularly and consistently, which is why it needs to be changed. Before that date, each person had to get approval from the legislature on their own.
The cost of living adjustment (COLA), on the other hand, affects more than just the amount of money each person gets. It also affects other values that the Social Security Administration keeps an eye on for all of their programs.
One example is Substantial Gainful Activity (SGA), which is the most money a handicapped person can make and still get their benefits.
It also changes the maximum amount of money that is taxed, the limits on assets and resources that a person or family must meet to get Supplemental Security Income (SSI), and the amounts that each Social Security credit is worth.
As you can see, it talks about more than one part of how Social Security helps people.
Because this is so important for beneficiaries and because the official 2.5% COLA increase was just released, we would like to share with you the new payment amounts that all Social Security beneficiaries can get:
| Retirement benefits | Social Security checks | 2.5% COLA increase | Extra income |
| On average | $1,900 | $1,948 | $48 |
| Age 62 | $2,710 | $2,778 | $68 |
| Age 67 | $3,822 | $3,918 | $96 |
| Age 70 | $4,873 | $4,995 | $122 |
| Survivor benefits | Social Security checks | 2.5% COLA increase | Extra income |
| On average | $1,505 | $1,543 | $38 |
| Individual | $1,773 | $1,817 | $44 |
| 2 Children | $3,653 | $3,744 | $91 |
| Disability benefits | Social Security checks | 2.5% COLA increase | Extra income |
| On average | $1,537 | $1,575 | $38 |
| Blind recipients | $2,590 | $2,655 | $65 |
| Maximum payment | $3,822 | $3,918 | $96 |
Also see:-Total change in Social Security checks as of this date – How do I claim the new benefits?
