The Cost of Living Adjustment (COLA) is a crucial event for United States citizens, impacting those who collect Social Security as well as other beneficiaries. Thanks to COLA, we can expect better benefits across various programs, making it vital for beneficiaries to stay informed about when these annual increases will take effect.
When Will We Know Social Security’s 2025 COLA?
Although there isn’t an official date yet, the United States Government typically announces the COLA increase for retirement benefits in mid-October. For 2025, experts from The Senior Citizens League estimate that the COLA could be around 2.5%. This increase, while modest, will help combat inflation and improve financial security for many.
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When Will the 2025 COLA Affect Social Security Checks?
The Social Security Administration will confirm the COLA amount in mid-October. However, beneficiaries will not see this increase reflected in their checks until January 2025. Due to a calendar quirk, the first Social Security payments affected by the COLA will be Supplemental Security Income, appearing in 2024. Specifically, since January 1, 2025, is a holiday, the check will be issued on December 31, 2024.
Understanding the timing and impact of COLA is essential for beneficiaries. Staying informed allows individuals to plan better for the upcoming changes in their benefits.
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