50 dollars extra for these retirees if the Social Security’s COLA projection gets it right
According to Vibes.okdiario, As we approach 2025, Social Security recipients may see different increases in their checks based on the upcoming Cost-of-Living Adjustment (COLA). If your check is on the smaller side, the additional amount may not be significant. However, retirees can expect to know the exact COLA increase next month, even though it won’t take effect until January 1.
Latest Projections from The Senior Citizens League
According to projections from The Senior Citizens League, retirees could see a 2.5% increase in their benefits if inflation trends remain consistent. With inflation appearing to decline, expectations for a more substantial COLA increase are diminishing. On average, Social Security benefits could rise by about $48.
For context, if the average retirement payment is $1,920 as of August 2024, this could increase to approximately $1,968—or even $1,970—if the average continues to rise in the coming months. For those receiving lower payments, the COLA increase may be underwhelming, while those with larger checks will likely see a more satisfying boost.
Also Read: SSDI payment: Only these 2 groups of disability recipients will get a $1,539 in Few Hours
Who Will Benefit from the COLA Increase?
If you currently receive a Social Security retirement benefit of $2,000 in 2024, you could expect a $50 increase in January, reflecting the projected 2.5% adjustment. Retirees with larger benefits will see even more significant increases. For example:
- If your benefit is $3,000, your new payment after the COLA could rise to $3,075, resulting in an additional $75 per month.
- For the highest retirement benefit amount of $4,873 in 2024, retirees receiving $4,000 will enjoy an increase of $100 with a 2.5% COLA.
As the COLA increase approaches, it’s essential for retirees to stay informed about how these adjustments may impact their monthly income.
