The COLA for 2024 dropped dramatically from 8.7% to 3.2% in the year prior. The Social Security cost-of-living adjustment (COLA) in 2025, however, might exceed the increase in 2024 and the Social Security COLA 2025 Payment Schedule is available.
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Social Security COLA 2025 Payment Schedule
The huge Social Security announcement that millions of Americans are eagerly awaiting is still four months away. However, there’s still time to start interpreting the signals and getting yourself ready for whatever may lie ahead.
The Social Security Administration normally announces the yearly cost of living adjustments (COLA) around the middle of October, but according to one group, 2025 will probably see lower prices than previous years.
A nonpartisan senior citizens organization called the Senior Citizens League published a 2025 COLA estimate of 2.6% on April 10. The Social Security COLA 2025 Payment Schedule is available here:
| Month | Social Security COLA 2025 Payment Date |
| January | January 8, 2025 |
| February | February 12, 2025 |
| March | March 12, 2025 |
| April | April 9, 2025 |
| May | May 14, 2025 |
| June | June 11, 2025 |
| July | July 9, 2025 |
| August | August 13, 2025 |
| September | September 10, 2025 |
| October | October 8, 2025 |
| November | November 12, 2025 |
| December | December 10, 2025 |
If the projection is accurate, that amount was less than the Social Security COLA increases in the preceding two years, which increased the total payment by 3.2% this year and 8.7% in 2023.
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A bigger COLA in 2025
The Senior Citizens League (TSCL) projected in February that the Social Security COLA would be 1.75 percent in 2025. However, it now seems probable that the growth in 2025 may be more than it was this year.
Released on May 6, the agency’s annual trustees report indicates that the financial future of the nation’s 70 million+ Social Security beneficiaries is somewhat more secure than projected. One year later than anticipated, in 2035, the trust fund reserves used to pay recipients are expected to run out of money.
In 2035, Social Security will still exist, but seniors will only get 83% of their full benefits, according to the trustees’ findings. It would probably need legislative action to close the gap, which would include raising the Social Security payroll tax or reducing payments.
To determine the yearly COLA, the Social Security Administration (SSA) analyzes third-quarter CPI-W figures for the same period in the prior year. The increase for Social Security claimants will be bigger rather than smaller, as originally predicted if inflation stays at the levels seen in March.
How is Social Security financed?
Employer and employee payroll tax deductions provide the funding for Social Security. Payroll taxes are deducted on an individual’s first $168,600 of annual income in tax year 2024.
6.2% of an employee’s income, or 12.4% overall, is the Social Security tax that is applied to both employers and workers.
Self-employed people are responsible for paying the whole 12.4% on their own. The remaining fifteen cents are contributed to a different fund that supports the welfare of disabled individuals and their families.
Employees who pay into Social Security contribute to a system that supports the benefits paid to existing retirees rather than a fund that is specifically designated for them. According to the Social Security Administration, 85 cents of every dollar you contribute goes into the Social Security trust fund.
The trustees’ study states that by 2035 the Social Security Administration will exhaust its reserves. If Congress does nothing, the fund will only be able to provide 83% of retirees’ entire payouts.
Tips for Maximizing Your Social Security Benefits
While COLA adjustments provide essential relief against inflation, it’s also essential for recipients to consider strategies for maximizing their Social Security benefits:
- Delaying Benefits: Delaying Social Security benefits beyond the full retirement age can result in higher monthly payments.
- Understanding Spousal Benefits: Spouses may be eligible for benefits based on their partner’s work record, potentially increasing overall household income.
- Continued Employment: For those still working while receiving Social Security benefits, understanding how earnings affect benefits is crucial to optimizing income.
Social Security Cost of Living Adjustment
Apart from fulfilling its present responsibilities, the Social Security fund must be included in the yearly Cost of Living Adjustment (COLA): The Social Security Administration releases the COLA for the benefits that will be paid out the next year to assist recipients in maintaining their buying power.
The Labor Department’s Consumer Price Index was used to determine the annual adjustment based on changes from the third quarter of the previous year to the current quarter.
The projected 3.2% COLA for 2024 means that, for the approximately 67 million Americans receiving benefits, each check will rise by an average of $55. Benefits for December 2023 were increased, and they were paid out in January 2024.
For 2025, the COLA adjustment is particularly significant due to various economic factors. While the exact figure is subject to change based on inflation data, projections indicate a substantial increase compared to recent years.
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