Social Security Payments: Find Out How Much Your Check Will Be Starting October 10!

The Cost of Living Adjustment (COLA) announcement for 2025 is eagerly awaited by millions of Social Security recipients in the US, who will be informed on October 10, 2024. This annual adjustment is a lifeline for state retirees, people with disabilities, and anyone on Social Security that relies on the benefits for their standard of living. The purpose of the COLA is to maintain beneficiaries’ payments on an even keel with inflation.

It’s especially important for millions who live on Social Security as their principal source of income. The adjustment is expected to be phased in during 2025, with some beneficiaries seeing the effects as soon as the end of 2024.

Social Security Payments

The U.S. government adjusts Social Security payments with a COLA, or yearly inflationary increase, to keep Social Security payments from becoming diluted in value. The cost of goods and services is tracked in order to calculate the cost of living, with the final figure arriving in determining what purchasing power beneficiaries will need to make ends meet.

Typically, the first program to implement a change such as this is Supplemental Security Income (SSI) and they are compliant with the new rates starting December 31, 2024. January 1 holiday is an early payment date because recipients want their payments before the year, and the holiday date gives them extra time.

Current Benefits

At present, Social Security benefit holders get between $698 and $943 a month, based on their ability to pay and eligibility. Essential persons, which include young people and registered dental practitioners, are entitled to the extra $472 per month, while couples can get up to $1,415.

For 2025, the Senior Citizens League has put an estimate of a 2.5% increase. If this projection holds true, here’s what beneficiaries can expect in terms of increases:

2025 COLA Increases

Current Monthly Payment	Estimated 2025 Payment	Monthly Increase
$472 (Essential Persons)	$484	$12
$698 (Individuals)	$715	$17
$943 (Individuals)	$967	$24
$1,415 (Couples)	$1,450	$35

How the COLA Impacts

The cost-of-living adjustment isn’t just for retirees; it affects people with disabilities who rely on Social Security payments. And since this group often has higher living costs, especially when it comes to things such as medical expenses, the COLA is there to make sure benefits don’t lose value over time.”

The COLA is a small amount, but every extra dollar makes a difference to beneficiaries on fixed incomes living from paycheck to paycheck. What this annual increase helps do is offset the ever-increasing costs of everyday essentials like food, utilities, and healthcare. For people who are receiving lesser amounts, the adjustment is significant to their ability to live on an average living expense.

SSI and the COLA

The 2025 COLA will impact Supplemental Security Income (SSI) beneficiaries first. Because of the holiday on January 1, 2025, SSI recipients will be scheduled to receive their updated benefits at the end of December 2024, instead of typically the start of every month. The SSA is assuring that recipients continue to have timely access to their funds during that period of transition into the new year.

With a 2.5% increase, Social Security benefits are expected to rise 2.5%, bringing much-needed relief to millions of Americans who rely on those checks. Even small increases help to assure that Social Security benefits keep abreast of growing costs. This is more relevant for those on a low income, those that are retired or people with disabilities who need the majority of their income to cover basic expenses. Even a small increase can be a critical safety net for inflation and economic uncertainty for many.

FAQs