Starting in January 2025, Social Security beneficiaries will begin to see an increase in their monthly payments.
The Social Security Administration (SSA) has announced that a 2.5 percent Cost-of-Living Adjustment (COLA) will apply to payments starting in the new year.
While this is lower than the 3.2 percent COLA increase in 2024, it still brings good news for millions of people who rely on Social Security benefits.
For those eager to find out exactly how much their benefits will increase, the SSA has made it easy. You can simply log in to your mySocialSecurity account to view your updated benefit amount for 2025.
Additionally, the SSA has already sent out letters to all beneficiaries with detailed information about their new monthly payment.
Medicare and Social Security Payments in 2025
When it comes to Social Security, it’s important to remember that many beneficiaries also receive healthcare through Medicare.
Medicare’s costs, especially the Part B premium, can affect the overall amount of money you receive from Social Security each month.
As of November 2024, the average Social Security payment for retired workers was $1,925.46. Thanks to the 2.5 percent COLA increase, this will rise to $1,973.60 in January 2025.
However, the costs associated with Medicare are important to consider. In 2024, the Part B premium (which is automatically deducted from Social Security benefits) was $174.70. After accounting for this, the average benefit falls to about $1,750.76.
In 2025, the Part B premium is expected to rise to $185, which means that the average Social Security benefit will fall slightly to $1,788.60 after the premium is deducted.
This increase is about $13 more than what beneficiaries were receiving in 2024, but the higher premium will still have an impact on the final amount of the check.
Family Benefits
For qualified family members of retired workers, there will also be an increase in Social Security payments.
If you are a spouse or a child of someone receiving Social Security benefits, you will see your payments rise by about $30 in 2025. For example:
- The spouse of a retired worker will see an average monthly payment of $931.48.
- The child of a retired worker will receive an average of $917.19 per month.
This will bring some relief to families who depend on Social Security payments to meet their financial needs.
Social Security Fee Schedule in January
Social Security payments are generally distributed on Wednesdays each month. In January 2025, the SSA will send out payments on the following schedule:
- January 8: Recipients born between the 1st and 10th of any month.
- January 15: Recipients born between the 11th and 20th of any month.
- January 22: Recipients born between the 21st and 31st of any month.
However, there is one exception to this schedule. Beneficiaries who have been receiving Social Security benefits since May 1997 or earlier will continue to receive their payments on the 3rd of each month. In January 2025, this means that these individuals will receive their payments on Friday, January 3rd.
Conclusion
The 2.5 percent COLA increase for Social Security payments in 2025 may not be as high as the previous year, but it is still a positive development for millions of Americans who depend on these benefits.
With the increase in Social Security checks and a slight rise in Medicare premiums, beneficiaries can expect a bit more financial support in the coming year.
For anyone looking to know exactly how their payments will change, be sure to check your mySocialSecurity account or refer to the letter sent by the SSA.
And don’t forget to mark your calendars for the payment schedule in January – Social Security checks will be arriving soon!
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Archer Bannister is a journalist with 4 years of experience covering hard-hitting stories. Currently working with Mikeandjonpodcast, Archer specializes in delivering timely and in-depth updates on a variety of topics, including crime news, politics, and national issues affecting the USA. His expertise and dedication to delivering accurate, impactful news make him a trusted voice for audiences seeking to stay informed on critical topics.
