Will Next Week’s Social Security Payments Include the 2025 COLA Increase?

The Social Security Administration (SSA) has announced the Cost of Living Adjustment (COLA) for 2025, but retirees will not see this increase in their October, November, or December payments. Instead, the COLA increase will appear in their January 2025 checks. Here’s everything you need to know about when and how the COLA will impact your Social Security payments.

COLA Increase

The 2025 COLA, designed to help retirees keep up with inflation, will be added to Social Security payments starting in January. Although many people expect to see this adjustment in late 2024, all retirees will have to wait until the new year to receive their increased benefits.

Your January payment, reflecting the 2025 COLA, will arrive on one of the following dates, depending on your birth date and payment schedule:

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• January 3, 2025: For those who have been receiving benefits since before May 1997.
• January 8, 2025: For those with birthdays between the 1st and 10th.
• January 15, 2025: For those with birthdays between the 11th and 20th.
• January 22, 2025: For those with birthdays between the 21st and 31st.

Although the COLA increase will provide a significant financial boost, retirees will need to wait until the new year to see this reflected in their payments.

Early COLA

The only group that will see the 2025 COLA increase in 2024 is Supplemental Security Income (SSI) recipients. They will receive their updated payments on December 31, 2024, just before the new year begins. This early payment aligns with the regular schedule for SSI benefits, which typically arrive on the first of the month unless that date falls on a weekend or holiday.

October Payments

While the 2025 COLA increase won’t be included in the October payments, retirees will still receive their usual Social Security benefits. However, these payments won’t be for everyone. The October 16 and October 23 payments are scheduled for specific groups of retirees:

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• October 16, 2024: Retirees with birthdays between the 11th and 20th who started receiving Social Security after April 30, 1997, and are not receiving SSI benefits.
• October 23, 2024: Retirees with birthdays between the 21st and 31st who started receiving Social Security after April 30, 1997, and are not receiving SSI benefits.

These payments will follow the usual schedule but will not include the 2025 COLA increase, which is reserved for January.

How Much Will Retirees Receive?

The amount retirees receive in October 2024, without the COLA adjustment, varies depending on when they filed for benefits and their work history. Here’s a breakdown of the maximum monthly payments for retirees in 2024:

• $4,873: For those who filed at age 70, worked in a job covered by SSA for 35 years, and earned at the contribution and benefit base every year.
• $3,822: For those who filed at Full Retirement Age (FRA), which is 66 years and 8 months.
• $2,710: For those who filed at age 62.

The average retired worker can expect to receive $1,920 per month. These amounts will rise in January 2025, when the COLA increase is applied.

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Low Payments

Some retirees may find their Social Security payments lower than expected. Those receiving significantly lower amounts may be eligible to apply for additional support through SSI and SNAP benefits. SSI is designed to provide additional financial assistance to those with low incomes, and it can be combined with Social Security to offer more substantial support.

The SSA encourages retirees to explore these options, especially if they are struggling to make ends meet.

What’s Next for Retirees?

As 2024 comes to a close, retirees should prepare for the 2025 COLA increase, but they should not expect to see any changes in their October, November, or December checks. The real boost will come in January 2025, helping retirees manage the cost of living more effectively.

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