Starting in January 2025, people over 67 will get much bigger Social Security checks, with the maximum amount that can be given to people in this age group. Benefits from Social Security and Supplemental Security Income (SSI) will go up next year.
The monthly Social Security check will go up by 2.5% each month starting in 2025 because of the cost-of-living adjustment (COLA).
Everyone who gets Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI), as well as survivors and retired workers, will see their benefits go up with the cost of living adjustment. In 2025, beneficiaries will also be able to get higher maximums.
Americans over 67 years will receive a new Social Security check increase in 2025
Supplemental Security Income (SSI) payments from the federal government can range from $967 a month for an eligible person to $1,450 a month for an eligible person and their eligible spouse. A person who is essential may receive up to $484 a month. On the other hand, the SSA thinks that average payouts will go up in the following ways in 2025:
- All retired workers: $1,927 to $1,976
- Elderly couples where both receive benefits: $3,014 to $3,089
- Widowed mother and two children: $3,669 to $3,761
- Elderly widow/widower: $1,788 to $1,832
- Disabled worker, spouse, and one or more children: $2,757 to $2,826
- All disabled workers: $1,542 to $1,580
People who work can start getting Social Security benefits as early as age 62. That being said, they do not get full pay at that age. Individuals born in 1960 or later should wait until they reach full retirement age (67) before getting their full Social Security payments.
For those who want more money, they should wait until they reach age 70. Officially, the largest Social Security check you can get in 2025 is $2,831 at age 62, $3,374 at age 65, and $3,795 at age 66.
But it is $3,374 at age 65 and $3,795 at age 66. When these workers reach full retirement age, they can expect to get no more than $4,043 a year in payments.
People who get Social Security can get more money after they turn 67. People who wait to retire until they are 70 years old can get a reward of up to $5,108.
The actual amount sent is different for each recipient because each Social Security check payment is calculated separately. Add 2.5% to your current benefits to get an idea of how much you will get next year. In December, Social Security will send beneficiaries their new benefits through their My Social Security account.
Social Security will make an important change for some beneficiaries
The Social Security Administration has announced a number of changes that will happen next year to deal with inflation and improve the financial security of about 70 million recipients.
People who depend on Social Security payments, like retirees, people who get disability or Veterans Affairs benefits, and others, will be affected by the changes. Cost of living adjustments (COLA) are meant to keep Social Security check increases in line with inflation.
They are one of the most important changes that will likely have the biggest effect. The rise is meant to keep the economy stable, and based on this year’s GDP data, it is expected to be about 2.5%. This coming year, there will be some big changes to the Social Security system.
One of these is the change in the age at which Americans can start getting Social Security checks. Depending on the year of birth, the current age range for full retirement is between 66 and 67.
However, Americans can start getting less money at age 62. In the long run, full retirement could be pushed back to around age 68, or even higher. The goals of the reform are to keep the system working in the long term and change it to take into account Americans’ longer life expectancies.
