Starting in 2025, Social Security benefits, including pensions, will grow 2.5% according to the cost of living adjustment (COLA) stipulated by the Social Security Administration (SSA). This increase is designed so that the recipients of these payments do not lose purchasing power in the face of inflation, and thus can continue to maintain good and healthy quality of life standards.
This month, there are three payments that are scheduled to be paid starting this week, and the main group of beneficiaries are retirees. As you know, the SSA administers payments based on the beneficiary’s date of birth (and this also includes spouses and survivors, whose payment is arranged based on the deceased beneficiary’s date of birth). The first of the payments is coming this week.
Millions of Americans will receive an average of $1,900 this Wednesday, December 11
On Wednesday, December 11 (which will be the second Wednesday of the month) the SSA will issue average payments of $1,900 to beneficiaries born between the 1st and 10th of any month. This amount represents an average of what retired workers receive, although amounts vary depending on individual factors such as work history and retirement age. Some receive more, others receive less, each case is particular and unique.
The SSA uses a weekly distribution system based on date of birth to organize the issuance of payments. Those born between the 11th and 20th of each month will receive their check on Wednesday, December 18. Those born between the 21st and the 31st will see their deposits advanced to Tuesday, December 24, due to the holiday on the 25th.
These three December payments do not yet have the 2025 COLA increase, but there is one that will be delivered on December 31 that already comes with that extra 2.5%.
On December 31, a payment arrives that already comes with a COLA increase
Workers who retired before May 1997 and recipients of the Supplemental Security Income (SSI) program do not follow this birthdate-based scheme. Instead, your payments are issued on the first day of the month, regardless of your date of birth.
In December, SSI recipients will receive an advance payment on Tuesday, December 31. This check will include the COLA increase, since it corresponds to the month of January 2025.
Social Security payment averages and other numbers you should know
The amount each beneficiary receives from Social Security depends on several factors, including years worked and the age at which the individual decides to retire. Currently, the average payment for an individual retiree is $1,907 a month, while retired couples receive $3,303. SSI beneficiaries, on the other hand, receive a monthly average of $943 for individuals and $1,415 for couples.
If you still don’t know how much your payments will increase with the COLA increase, you can contact your local SSA office, or call the federal outreach number 1-800-772-1213, for more information. You can also find that information in your My Social Security account.