As a new year begins in the United States, citizens with a Social Security benefit may see an increase in their monthly check. And in this case we are looking at a Cost of Living Adjustment (COLA) that causes benefits to increase by 2.5%, so the average payment for this new 2025 will be higher than in the previous year 2024.
So, whatever payment you have gotten so far in the past you will be able to enjoy a new payment with a larger check in the coming months. The Social Security Administration is also increasing average payments, since by increasing all checks the average payment reaches levels it had not reached before.
What is the average payment for retirees over age 62?
The truth is that the average payment for the year 2025 cannot yet be known, since it is ultimately a calculation that is made after the full year has passed. For that reason, we have to look at what payment we will get and calculate from there.
In 2024, the average Social Security payment was around $1,783 per month. This makes us think that in 2025 we will see a payment of around $1,800 on average, but the truth is that we still cannot say an exact figure.
Although it is true that it is logical to think that we can reach that amount, it is also true that we are faced with several details that do not correspond to reality. The number of citizens with a Social Security benefit in 2025 will determine what the average payment is. If there are more retirees in this year, the payment may be lower depending on how much they get.
Social Security Increases with the COLA 2025
In 2025, one thing is clear: Americans receiving Social Security benefits can look forward to a welcomed boost in their monthly payments. This year’s Cost-of-Living Adjustment (COLA) increase is set at 2.5%, raising the maximum monthly check to an impressive $5,180. However, it’s important to note that not everyone will receive this maximum amount, as individual benefits vary based on lifetime earnings and other factors.
For those who are already receiving Social Security payments, the COLA will automatically adjust their benefits, requiring no additional action on their part. For individuals yet to start receiving benefits, this adjustment will be factored into the initial calculation of their benefit amount, ensuring that the increase is seamlessly included when they begin receiving payments.
Additionally, it’s worth highlighting that other government benefits, such as Supplemental Security Income (SSI), are also set to rise thanks to the COLA adjustment. In 2025, the maximum SSI payment will climb to $967 per month, offering further financial relief to eligible recipients. These adjustments aim to help millions of Americans maintain their purchasing power amid inflation and rising living costs, demonstrating the critical role of these programs in supporting financial stability.
