As we approach October, retirees are eagerly awaiting the announcement of the 2025 Cost-of-Living Adjustment (COLA) for Social Security benefits. This adjustment is crucial for many, as it helps them keep up with inflation and manage their living expenses.
Projected 2.63% COLA Increase
According to lagradaonline, The Senior Citizens League has projected a 2.63% COLA increase for 2025. While this adjustment is intended to offset inflation, many retirees worry it may not be enough to cover rising costs. According to the League, retirees could see an average increase of $49 in their monthly checks, with those receiving the maximum Social Security payment seeing an increase of $128.
How the COLA Affects Various Benefits
Here’s a breakdown of how the projected 2.63% COLA will impact different Social Security benefits:
- Retirement Benefits:
- Average: $1,900 to $1,950
- Age 62: $2,710 to $2,781
- Age 67: $3,822 to $3,923
- Age 70: $4,873 to $5,001
- Survivor Benefits:
- Average: $1,505 to $1,545
- Individual: $1,773 to $1,820
- 2 Children: $3,653 to $3,749
- Disability Benefits:
- Average: $1,537 to $1,577
- Blind Recipients: $2,590 to $2,658
- Maximum Payment: $3,822 to $3,923
- SSI Benefits:
- Average: $698 to $716
- Individuals: $943 to $968
- Couples: $1,415 to $1,452
- Essential Person: $472 to $484
Impact of Remarrying on Social Security Benefits
Remarrying can affect your Social Security benefits. For those receiving Supplemental Security Income (SSI), marriage may alter eligibility and payment amounts based on the new spouse’s income. Remarrying before age 50 can also impact eligibility for survivor or disability benefits.
Conclusion
While the projected 2.63% COLA increase for 2025 offers some relief, many retirees are concerned it may not be sufficient to keep up with rising living costs. Stay informed and plan accordingly to ensure your benefits meet your financial needs.
