Over 71 million U.S. retirees, VA veterans, and disability beneficiaries are anxiously awaiting news of the 2025 Social Security Cost of Living Adjustment (COLA) increase. With inflation continuing to impact everyday expenses, the COLA is vital in helping retirees keep up with rising costs.
Predicted 2025 COLA Increase: 2.5%
Experts predict that the 2025 COLA will bring a 2.5% increase to Social Security payments. This estimate follows the 2024 increase of 3.2%, a figure the same experts accurately forecasted last year. Although this year’s increase is expected to be lower, it still provides essential relief for millions of Americans who rely on Social Security as a primary source of income.
Official Announcement Date
The U.S. Government has set October 10, 2024, as the official date for announcing the 2025 COLA increase. This follows the second October Social Security payment, with the first round going to retirees who began receiving benefits before 1997, paid on October 3. This long-awaited date will mark a pivotal moment for beneficiaries eager to understand how much additional income they will receive next year.
When Will the New COLA Take Effect?
Once the 2025 COLA is confirmed, the new Social Security payments will be distributed starting in January 2025. The payment schedule for January will follow the standard system, with payments arriving on the last three Wednesdays of the month: January 3, January 16, January 23, and January 30, due to the month having five Wednesdays.
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For more details about the upcoming Social Security COLA increase, visit the Social Security Administration’s website.