Soon, everyone will be able to see the Cost of Living Adjustment (COLA) that will happen in 2025. This has to be done by October 10, which is the last day that the Bureau of Labour Statistics (BLS) can turn in its report on U.S.
inflation for September 2024. If nothing else works out, the major benefit will definitely be a group with ties to the Social Security Administration. To bring you up to date, this group is expected to get the biggest benefit rise from the COLA that starts in January 2025.
Keep in mind that the Social Security Administration (SSA) uses this strategy to make sure that beneficiaries’ payments are updated to reflect changes in US inflation.
This protects recipients’ ability to buy things. Also, people who get Social Security should know that the SSA will send them COLA notices with the official number. Besides that, you can choose to be told by email or text message when the notice is ready.
Which beneficiaries will receive the largest Social Security check increase in 2025?
Inflation was rising very quickly, making it very hard for seniors to pay their bills starting in 2022. Gallup polled Americans in 2024 and found that 63% of them said that inflation had made their finances worse, up from 45% in 2021.
Recently, there has been a lot of talk about the COLA. A non-profit advocacy group called The Senior Citizens League (TSCL) says that all Social Security recipients could see their payments go up by about 2.5%.
That would be the smallest rise in Social Security payments for people who get it in four years if this prediction comes true.
All of the percentages will go up by the same amount, but some retirees, especially those in their 70s, will get the biggest increase in the amount of money they get each month.
This is an effort to fight the effects of inflation and the loss of buying power. The Social Security Administration said that the average benefit for retirees in September 2024 was $1,920.
If a 2.5% COLA is passed, this amount would go up by $48 in 2025. When this amount is reached, seniors will get a bigger COLA, which means their payments will go up by more than $48. If you make less money, on the other hand, you will gain less than $48.
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