{"id":8056,"date":"2024-11-17T09:23:23","date_gmt":"2024-11-17T09:23:23","guid":{"rendered":"https:\/\/finderica.com\/heres-what-the-social-security-increase-will-be-in-2025\/"},"modified":"2024-11-17T09:23:23","modified_gmt":"2024-11-17T09:23:23","slug":"heres-what-the-social-security-increase-will-be-in-2025","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=8056","title":{"rendered":"Here’s What the Social Security Increase Will Be In 2025"},"content":{"rendered":"\n
\n

\"ScoreCard<\/p>\n

\"A
Getty Images <\/figcaption><\/figure>\n

The Social Security Administration has announced a 2.5% cost-of-living (COLA) adjustment to beneficiaries starting in January of 2025 \u2014 the smallest increase since 2021. Beneficiaries will receive a notice of their increased monthly payment from the Social Security Administration in December.\u00a0<\/span><\/p>\n

\n

Can You Survive 10 Days of Budgeting?<\/h3>\n

If you need to wrangle your budget, it may be time to consider a savings challenge. Our\u00a010-Day Savings Challenge<\/a>\u00a0will teach you how to make your money work for you with a high-yield savings account, stop overpaying on Amazon, earn money for trying out apps or watching movie previews and more.<\/p>\n

Start saving now<\/a>!<\/p>\n<\/div>\n

How to Find Out Your 2025 Social Security COLA<\/b><\/h2>\n

You can see your COLA notice online sooner by creating a <\/span>My Social Security<\/span> account no later than Nov. 20.<\/span><\/p>\n

If your COLA isn\u2019t available online yet, you can get an update as soon as it\u2019s posted by enabling account notifications. Log into your My Social Security account, then select email or text notifications under message center preferences.<\/span><\/p>\n

Or, you can do the math yourself.<\/span><\/p>\n

Simply multiply your current benefit amount by 0.025 to determine how much your monthly payment could increase.<\/span><\/p>\n

For example, if you receive an average monthly Social Security benefit of $1,900 (the national average payment), you would multiply that by 0.025 and find that your checks will increase by $48 per month next year.<\/span><\/p>\n

Roughly 75 million Americans will see the bump in their monthly Social Security benefits or in their Supplemental Security Income payments next year.<\/span><\/p>\n

The increase, determined by the Department of Labor\u2019s Bureau of Labor Statistics,\u00a0 is tied to the annual COLA increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers.<\/span><\/p>\n

The increase has been decreasing in recent years. In 2023, the increase was a historically high 8.7%, and the increase for 2024 was 3.2%.<\/span><\/p>\n

More from The SS:<\/strong> Retirement Budget 101: 9 Steps to Stretch Your Retirement Savings<\/p>\n

\n

Drowning in Expenses?<\/h3>\n

Maybe you\u2019re scrambling after your car broke down. Or you got a medical bill you weren\u2019t expecting. Or inflation has finally pushed your budget over the edge. Take a breath. You don\u2019t need to go it alone.<\/p>\n

When money is tight, these resources<\/a> can help you manage unexpected expenses without stress.<\/p>\n<\/div>\n

How to Create a My Social Security Account<\/b><\/h2>\n

If you don\u2019t already have an account, you can create one anytime. However, only beneficiaries who created an account prior to Nov. 20 will receive their 2024 COLA notice online.<\/span><\/p>\n

It\u2019s a good idea to create an online account for other reasons, too \u2014 especially if you receive Social Security or SSI benefits. Go to www.ssa.gov\/myaccount to begin.<\/span><\/p>\n

With a My Social Security account, you can also<\/b>:<\/span><\/p>\n