COLA is the yearly Cost of Living Adjustment, which helps Social Security recipients compensate for the loss of purchasing power caused by inflation. The 2.5% increase will not be applied to retirees or SSDI recipients’ payments in November or December.
If you receive Supplemental Security Income (SSI), your December 31, 2024 payment will include the COLA increase. Retirees will have to wait until January to receive the 2.5% extra per month.
Eligibility for SSI on December 31 with Social Security COLA increase
All recipients who have filed, got approval, and remain eligible for Supplemental Security Income payments will get the boost on December 31, 2024. The general requirements to get SSI payments are:
- Have a low income
- Have little or no resources
- Meet one of these 3 conditions:
- Be at least 65 years old
- Have a disability
- Be blind
Of course, there are residency and other requirements too. But most people who meet the previously mentioned conditions already meet the other ones.
Social Security dates for retirees and SSDI recipients to get the 2025 COLA increase
The Social Security Administration will provide the first payments for the 2025 COLA rise to retirees and disability insurance recipients on January 3, 8, 15, and 22, 2025.
Remember that the boost means that for every $100 you receive, you will receive an additional $2.5. As a result, if your payout was $1,000 before COLA, it will increase to $1,025 once the cost of living adjustment is applied.
The larger your Social Security benefit, the more extra money you’ll get. So, if your paycheck is $500, the COLA increase will bring it up to $512.5. A high earner with a Social Security check of $4,000 will receive $4,100 after the COLA. Thus, the cost of living adjustment will result in an additional $100.
If you have not yet filed for Social Security, do so as soon as possible. If you submit after Full Retirement Age, you will be eligible for delayed credits and cost-of-living adjustments as well.
Also See:- Next SSDI payments for disability recipients in the United States, checks of $1,539 in November