Millions of American retirees are still waiting for their Social Security cost-of-living adjustment (COLA) for January 2025. While some retirees have already received their payments with the 2.5% COLA boost, three major groups are yet to see this increase reflected in their checks. This adjustment, although modest compared to previous years, helps retirees keep up with rising costs and maintain their purchasing power.
Who Hasn’t Received the COLA Boost Yet?
So far, only two out of five groups of retirees have benefited from the 2025 COLA increase. The remaining three groups will see their payments in the coming weeks, depending on their birthdates. Here’s a breakdown of the payment schedule for those still waiting:
- January 8, 2025:
Retirees born between the 1st and 10th of any month will receive their payments on this date. To qualify, these individuals must not be eligible for Supplemental Security Income (SSI) or have already received a January 3 payment. - January 15, 2025:
Retirees whose birthdays fall between the 11th and 20th will get their payments on January 15. Depending on their birthdate, some retirees may receive their payments within hours, while others might wait up to a week. - January 22, 2025:
Retirees born between the 21st and 31st of any month will receive their payments on this date.
How Much Will You Get After the COLA Increase?
The 2025 COLA provides a 2.5% increase in Social Security payments. While the percentage may seem small, it translates into meaningful extra income for retirees. The exact amount depends on your current monthly payment.
- If your monthly check is $500, you’ll see a $12.50 increase, making your new payment $512.50.
- For retirees receiving $4,000, the increase will be $100, raising their monthly payment to $4,100.
On average, retirees can expect an increase of around $50. For instance, if you were getting $1,927 in December 2024, your payment in January 2025 will rise to $1,976.
Why the COLA Increase Matters
The COLA adjustment is designed to help retirees cope with inflation and rising living costs. Although this year’s increase is smaller compared to the past decade, every extra dollar can help with essentials like groceries, utilities, and medical expenses.
It’s worth noting that higher monthly payments will result in a more substantial boost for retirees with larger Social Security checks. This means that individuals who worked longer or earned higher wages during their careers will see a bigger financial impact from the COLA adjustment.
Key Takeaways
- Three groups of retirees are still waiting for their January 2025 payments with the COLA increase.
- Payment dates are based on your birthdate and range from January 8 to January 22.
- The COLA increase is 2.5%, adding an average of $50 to monthly payments.
If you’re unsure when your payment will arrive, keep an eye on the calendar and check your eligibility. With these adjustments, retirees can look forward to a slightly higher income to help manage their daily expenses in 2025.
(Source : futbolete.com)
