Starting January 2025, Social Security beneficiaries will see updated payments reflecting the 2025 Cost-of-Living Adjustment (COLA). The COLA for 2025 is set at 2.5%, which is slightly lower than the 3.2% adjustment in 2024. Here’s a detailed breakdown of what this means for your benefits:
How Much Will Benefits Increase?
- In November 2024, the average Social Security payment for retired workers was $1,925.46.
- With the 2.5% COLA applied, the average payment will rise to $1,973.60 in January 2025.
Medicare’s Impact on Benefits:
- Many retired workers use Medicare Part B, whose premiums are deducted from Social Security checks.
- In 2024, the Part B premium was $174.70, leaving an average benefit of $1,750.76.
- In 2025, the premium increases to $185, resulting in an average net benefit of $1,788.60—a monthly increase of approximately $13.00.
Family Member Benefits:
Payments for qualified family members will also increase:
- Spouses of retired workers: Average payment will rise to $931.48.
- Children of retired workers: Average payment will increase to $917.19.
How to Check Your Updated Benefit Amount
- Log in to your mySocialSecurity account to view your updated benefits.
- Beneficiaries will also receive a letter from the Social Security Administration (SSA) detailing their updated amounts for 2025.
When Will Social Security Payments Arrive in January 2025?
The SSA follows a Wednesday distribution schedule based on birth dates:
- January 8: For those born between the 1st and 10th.
- January 15: For those born between the 11th and 20th.
- January 22: For those born between the 21st and 31st.
Exceptions:
Beneficiaries who have been receiving benefits since May 1997 or earlier will receive payments on Friday, January 3, 2025.
Key Takeaways for Beneficiaries
- The COLA increase of 2.5% ensures your benefits align with inflation, albeit modestly.
- While Medicare premiums will rise, most beneficiaries will still see a slight boost in net benefits.
- Stay informed by checking your updated benefits via mySocialSecurity or the letter from the SSA.
Make the most of this update, and ensure you plan ahead for 2025!
My Name is Chris Mueller , I Work as a Content Writer for Sugyan and I like Writing Articles
