The amount of the 2025 COLA will be announced by the Social Security Administration on October 10. But this day might be sad for the 71 million people in the US who will be receiving gifts.
Costs are still going up, which hurts seniors, people with disabilities, and people who get SSI across the country.
The 2025 COLA increase from Social Security may not be as much as expected. Because of this, a low cost-of-living adjustment might not be enough for recipients.
Latest 2025 COLA forecast for Social Security
The Senior Citizens League makes one of the most accurate predictions about the 2025 COLA. They say that benefits may only go up by 2.5%. Since the SCL has always given accurate figures, it is expected that payments will go up in the same way.
After the 3.2% COLA in 2024, the 8.7% COLA in 2023 was a huge jump, and the 5.9% raise in 2022 did not seem like much. When we look back, though, the COLAs seem to have been a lot smaller.
that being said, a 2.5% COLA increase is not that bad after all. It may also help people who get Social Security benefits and are about to move to a different tax bracket when their benefits rise. Because of this, they might get less money.
Possible Social Security payments following the 2025 COLA Hike
People who make more than $4,000 in 2024 may get an extra $100 starting in January 2025 if there is a 2.5% rise. The average payouts, on the other hand, are not very big.
Because of this, a modest rise is expected in most cases. For instance, if your regular amount is $1,968, you might get an extra $48. There is some help for people who think $48 will not make a difference.
Put the money away and make a backup fund. With this plan, you will have $576 in 12 months.
People who only get $1,000 a year from Social Security can get an extra $25. This means that your payment will show whether you get more or less money from the Social Security Administration.
Also see:-Confirmed: Social Security checks will go up in October; public announcement date