GOLDEN AGE: New COLA amount to be announced in days and Social Security will increase in 2025
Millions of Americans are poised to receive higher Social Security checks as the Social Security Administration (SSA) is set to announce the exact amount in just a few days. The Cost of Living Adjustment (COLA) will be revealed on October 10 and is projected to be around 2.5%, according to The Senior Citizens League (TSCL), a nonpartisan organization dedicated to advocating for seniors’ rights and benefits.
Seniors are bracing for a smaller increase this year compared to last year’s 3.2% adjustment. This estimate is based on the Consumer Price Index (CPI), which has seen a decline from 2.9% to 2.5% this year.
If TSCL’s prediction holds true, the 2.5% increase would translate to an additional $48 per month for beneficiaries, raising the average monthly benefit from approximately $1,920.
By law, the annual COLA adjustment is determined based on average inflation during the months of July, August, and September, as measured by the CPI for Urban Wage Earners and Clerical Workers. The Bureau of Labor Statistics compiles this data by averaging figures from these three months and comparing them to the previous year’s data.
Once the COLA adjustment is announced, recipients will start seeing the increased payments in January 2025.
Are You Eligible?
To qualify for Social Security benefits, individuals must meet certain criteria:
- Age Requirement: You must be 62 years or older.
- Work History: You must have worked and paid Social Security taxes for at least 10 years.
Additionally, your children may also be eligible for monthly benefits based on your work if they meet the following criteria:
- Under age 18
- Age 18 or 19 and enrolled full-time in elementary or high school
- Any age and have a disability
