People who get Social Security payments need to know how much they will get each month. They can make plans ahead of time and live more easily. Every month, the Social Security Administration (SSA) sends millions of payments to people who are eligible for its programs. Each payment is unique in its own way.
In the past, beneficiaries got mail notifications about the different programs they were signed up for. This method worked, but as the population has grown, it has become harder to make sure that the notifications get to the right people on time so that they are still useful. Some people don’t get the right information on time because of things like lost mail, changes in addresses that weren’t properly shared or updated, and mail that gets misplaced.
But there is a way out, and it has been around for a while: people can make an account on “my Social Security” and see their information at any time. This will help them find out how much money they will get in benefits, use a calculator to guess how much money they will get in benefits in the future based on their past salary, understand the cost of living adjustments (COLA) and how they will affect their benefits, get information that might change their timelines, and so on.
Even though there isn’t a set date for creating the account, you will need to have done so before November 20 in order to receive the COLA notice online this year, which will include all the information you need about your benefits. Should you forget to do this, you will still be told about the changes, but it will be by letter, as it has been in the past.
People usually think of retirement benefits when they think of the SSA. However, the agency gives out five main benefits: Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), Family Benefits, Survivor Benefits, and Retirement Benefits. You can find out all about them and their amounts in your online account.
What the COLA means for Social Security income
Following a month of speculation, the final COLA number was made public on October 10, much to the dismay of many retirees. After inflation beat the 3.2% COLA in the first half of 2024, retirees and other beneficiaries hoped for a high number of bonfire inflation to slow down so they could get their savings back.
Things didn’t go as planned for most people, though, and the end amount, which wasn’t set in stone, was 2.5%. All benefits the SSA gives out will be increased by this amount. This means that all recipients will get more money, no matter what kind of benefit they get.
It’s hard to say how much the raise will change the amount of money they will get in 2025 because most benefits are based on a worker’s record. However, the SSA does give some examples that make things clearer.
One person can get the most money from SSI each month in 2024: $943 for one person and $1,415 for a couple. This amount could be less depending on your income, the income of certain family members, where you live, and other things. These amounts will go up to $967 for an eligible person, $1,450 for an eligible person with an eligible spouse, and $484 for an important person (caretakers for recipients).
There are also set amounts for retirement benefits. For example, the average payment for a person in 2024 will be $1,921 per month, and it will go up to about $1,969 per month in 2025. Also, the biggest payments will get bigger. The biggest amount of retirement benefits that will be given out in 2024 is $4,873, but that amount will go up to $5,108 in 2025.
