The increase in senior citizens’ benefits every year is known as the Cost of Living Adjustment (COLA). The COLA gives people who get Social Security in the US enough money to cover inflation, or at least that is the idea behind it.
Because the adjustment is based on the rise in the CPI-W in the third quarter of the year, seniors get a different COLA every year. It makes sense to think that we get a different COLA each year since inflation changes.
Social Security recipients get a COLA every year. One year it is very big, like the 8.7% increase in 2023; other years it is not as big. The last group will be in 2025, when the COLA will be only 2.5%.
For sure, the 2.5% COLA may not seem like much, but with inflation going up this year, it is more than enough. Also, if we look at how much money seniors will get over the next year, we can see that they will not only get a small gain, but a big one.
How much will Social Security Increase for Seniors in 2024?
The monthly Social Security check for seniors and people with disabilities will go up by 2.5%. This means that people over 62 who are retired will get a new number in 2025. That number will definitely be higher, though.
Given this monthly raise, this group of retirees will get a total of $500 over the course of the year. This number is just a guess, so we should remember that each citizen will get an increase based on the amount of money they currently get in checks.
A payment from the Social Security Administration will always be sent to us every year, no matter what our maximum check or average payout is. The rise for seniors in 2025 will be less than the rise in 2024, but it will still be a rise.
What will the maximum Social Security check be next year?
As we have already talked about, the checks will get bigger starting in 2025. And this raise is directly tied to the check we have now. That means the increase will be bigger if we have a bigger check.
Each person who gets the COLA will get a different amount of money because it is a proportional increase.
Seniors who get a check of $4,873 a year will get a check of $5,180 in 2025. In other words, people who get benefits are getting more than $5,000 a month. That number is definitely good for them.
But on the other hand, the Social Security payment for Supplemental Security Income will also go up. In 2025, this raise will go from the highest amount of $943 to the highest amount of $967.
That does not mean, though, that everyone will get that maximum. SSI payments will go up by 2.5%, the same amount as Social Security retirement payments.
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