As Social Security beneficiaries prepare for the upcoming changes to their payments, it’s essential to keep track of important dates related to the cost-of-living adjustment (COLA) for 2025. While the official COLA increase announcement date often garners the most attention, there are additional significant dates that beneficiaries should mark on their calendars.
1. October 10, 2024: Announcement of the 2025 COLA
On October 10, the Social Security Administration (SSA) will officially publish the COLA for 2025. The final data point for this adjustment will be the September 2024 Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which will be averaged with data from July and August. While projections suggest an increase of around 2.5%, this figure may fluctuate based on economic conditions.
It’s important to note that the COLA is applied to the primary insurance amount (PIA), which is the benefit amount for those claiming Social Security at their full retirement age. This means that while beneficiaries can estimate their new monthly payments by applying the COLA rate to their current checks, the exact amount will depend on individual circumstances.
2. Early December 2024: Personalized COLA Notices
In early December, all beneficiaries can expect to receive personalized notices detailing their benefit amounts for 2025. Those who have set up a My Social Security account will have access to their COLA notice through the Message Center by mid-November. Additionally, beneficiaries can opt for email or text alerts to notify them when their notices are available. The SSA will continue mailing out COLA letters throughout December. Beneficiaries are encouraged to wait until January 2025 to report any missing notices, as it can take time to reach millions of recipients.
3. January 8, 2025: First Checks Reflecting the COLA Increase
Beneficiaries will receive their first Social Security checks, reflecting the 2025 COLA, in January 2025. Although the SSA applies the COLA to the December 2024 payment, checks are sent out the following month. The exact payment dates will depend on the beneficiary’s birth date:
- Born on the 1st to 10th: Payments will be issued on January 8, 2025.
- Born on the 11th to 20th: Payments will be issued on January 15, 2025.
- Born on the 21st to 31st: Payments will be issued on January 22, 2025.
For those receiving Supplemental Security Income (SSI), the first payments reflecting the COLA will be distributed earlier, on December 31, 2024, due to the New Year’s holiday falling on January 1.
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