The amount of money you get from Social Security after the 2025 COLA may change based on how much your check is. You shouldn’t expect a lot of extra money if you get a small check.
For retirees, the 2025 COLA raise might not happen until January 1, but they might know the exact amount next month. So far, the most recent predictions are very important for seniors. The Senior Citizens League’s prediction is actually one of the best, if not the best.
Latest 2025 COLA projection for retirees on Social Security
The Senior Citizens League says that if prices stay the same, there could be a 2.5% rise. Since inflation keeps going down, people are also losing hope that the COLA will go up.
The average amount of money that people get from Social Security could go up by $48. It could be about $1,968 if the average payment for retirees is $1,920 in August 2024. Or even $1,970 if the average retirement bonus keeps going up over the next few months.
Of course, the COLA raise may not be good news if your payment is already too low. If you get a big check or direct payment every month, though, the extra money will not bother you.
Who could receive $50 extra after the Social Security COLA increase?
If you retire in 2024 and get $2,000 a month from Social Security, you will get an extra $50 in January if there is a 2.5% raise. In this way, some seniors might be able to get more than $50 extra each month.
Let’s say you get a $3,000 Social Security check every month. After COLA, your new monthly payment might be $3,075. This means they will get an extra $75 a month, which is a great boost.
Some seniors will get even more money than that, since the biggest payment in 2024 is $4,873. With a 2.5% COLA, you will get an extra $100 on top of the $4,000 you get from Social Security.