Many groups are trying to guess what the Cost of Living Adjustment (COLA) will be in 2025 since October is almost here.
The United States Government will say in the middle of next month how much Social Security payments will go up. The day we know the exact amount is getting closer and closer.
The Senior Citizens League is without a doubt one of the best groups for figuring out the yearly Cost of Living Adjustment (COLA) or getting a rough idea of it. Every month, this group gives a rough number that shows whether inflation is going up or down.
Because of this, the information this group gave us lets us figure out how much our Social Security check will be in January 2025.
What will the Cost of Living Adjustment (COLA) be in 2025?
It was calculated by The Senior Citizens League that the 2025 Cost of Living Adjustment (COLA) will mean that the U.S. government will raise Social Security payments by 2.57 percent. There is a reason for everything, even if it means that the increase will not be as big as in past years.
It makes sense that the Cost of Living Adjustment (COLA) will not be as high as it was in years past, when it broke records. This is because inflation has not been as high as it was in 2023 or 2022.
A rise of almost 9% happened in 2023, and a rise of more than 3% has happened this year (2024).
But this rise might be too small for some people. In that case, the increase in a single month might be true. But we should remember that we will also get the Cost of Living Adjustment (COLA) increase throughout the year.
This means that we will get that extra money not just in one month, but all year long.
In other words, if we finally get this COLA, the retirement checks will be bigger than ever. These are the most checks that would be done for each category:
- Retiree at age 70: $4,998 per month.
- Retiree at age 67: $3,920 per month.
- Retired at age 62: $2,779 per month.
- Disability Pensioner: $3,920 per month.
Keep in mind that this is just a guess; it is not an official estimate. We are also talking about what the biggest payment will be after the Cost of Living Adjustment (COLA) 2025 is added. However, all of the payments will go up, not just the biggest one.
If you add 2.57% to the check you are getting now, you can get a rough idea of how much your Social Security retirement check will be in January 2025.
