Millions of American pensioners hope to see an increase in Social Security benefits in 2025. However, if you receive a lower-than-average paycheck, your gain will be minimal.
Even if the percentage is the same for all payment amounts, the number of extra dollars recipients may get from Social Security following the 2025 COLA increase will vary greatly in most circumstances.
Who Can Receive $100 From Social Security After the 2025 Cola?
According to the Senior Citizens League, the COLA might increase by approximately 2.57%. That is the most recent prediction for August, and it is down from 2.63 percent in July.
So, if you received $4,000 from the Social Security Administration in 2024, you may earn $4,102.8 after the COLA. Of course, this will only be possible if the most recent estimates come true.
Lower inflation in August and September could jeopardize this prediction. However, if nothing changes, some high-income taxpayers may receive an additional $100 following the 2025 COLA hike.
What is the Biggest Social Security Check in 2024?
Since the average retirement payment is at $1,919 as of July 2024, not many retirees will profit from a $100 COLA increase. As you can see, certain workers may be able to receive $4,000 per month in Social Security.
But is this the largest retirement benefit? It’s not. Retirees can earn up to $4,873 by 2024. These recipients can receive such a substantial payout because they:
- Earned the taxable maximum for 35 years
- Worked for 35 years
- Paid SSA taxes
- Filed at 70 years old
As a result, if you are a retiree who qualifies for the average check of $1,919, you will not receive an additional $100 after the 2025 COLA. If there were a 2.57% increase, the average check or direct deposit would be $1,968. So, elders may receive an additional $49 per month. If your payment is insufficient, you should apply for SSI.
