Goodbye to the 2024 cost of living adjustment – Social Security announces increase for retirees

Social Security cost of living adjustment (COLA) to 2025, including a 2.5% increase for all recipients of Social Security benefits. The massive change will affect nearly 71 million Americans. Compared to previous years, such as the 8.7% adjustment in 2023 and the 3.2% adjustment in 2024, the growth is lower. As a result, Social Security benefits for retirees will grow at the same rate in all states, and there will not be any state-specific changes to the COLA for 2025.

Social Security announced the new 2.5% COLA increase and these are the affected programs

COLA is calculated using the Consumer Price Index for Urban Wage Earners and Office Workers (CPI-W) and represents changes in inflation. Compares statistics from the third quarter of one year with the third quarter of the following year. The Department of Labor’s Bureau of Labor Statistics determines this index. It’s important to note that no matter where they live, Social Security beneficiaries receive the same percentage increase in payments due to the uniform application of COLA across the country. After the official announcement of the new cost of living adjustment, these will be the Social Security programs affected:

Retirement Benefits Program
Survivor Benefits Program
Social Security Disability Insurance (SSDI)
Supplemental Security Income (SSI)
Supplemental Nutrition Assistance Program (SNAP)
Low Income Home Energy Assistance Program (LIHEAP)
Medicines

How much will Social Security checks increase with the new 2.5% cost of living adjustment?

With the final COLA increase for 2025, many beneficiaries may be wondering how much this 2.5% will impact their monthly benefits starting in January 2025. Since the 2.5% COLA increase is in line with the Seniors League’s previous predictions, here are the approved Social Security payments by program for the next year:

Retirement Benefits	Social Security Checks	COLA increase of 2.5%	Extra income
On average	$1,900	$1,948	$48
62 years	$2,710	$2,778	$68
67 years	$3,822	$3,918	$96
70 years	$4,873	$4,995	$122

Survivor Benefits	Social Security Checks	COLA increase of 2.5%	Extra income
On average	$1,505	$1,543	$38
Individual	$1,773	$1,817	$44
2 children	$3,653	$3,744	$91

Disability benefits	Social Security Checks	COLA increase of 2.5%	Extra income
On average	$1,537	$1,575	$38
Blind recipients	$2,590	$2,655	$65
Maximum payout	$3,822	$3,918	$96

SSI Benefits	Social Security Checks	COLA increase of 2.5%	Extra income
On average	$698	$715	$17
Individuals	US$943	US$967	$24
Couples	$1,415	$1,450	$35
Essential person	$472	$484	$12

How much will SNAP benefits increase with the cost-of-living adjustment increase?

In addition to Social Security benefits, the Supplemental Nutrition Assistance Program (SNAP) will also increase your monthly benefits based on the latest 2.5% COLA increase. Therefore, American families and individuals who qualify for these benefits will receive the following payment amounts starting in January 2025:

Family size	SNAP Benefits	SNAP Benefits (including 2.5% COLA)
A single person	$291	$298
2 people	$535	$548
3 people	US$766	$785
4 people	$973	$997
5 people	$1,155	$1,184
6 people	$1,386	$1,421
7 people	$1,532	$1,570
8 people	$1,751	$1,795

Don’t forget that for this program applicants must prove their low-income status and once they qualify for these monthly benefits, the SNAP program will pay them based on the number of people per household. For additional information about the Supplemental Nutrition Assistance Program (SNAP), always refer to the official website from the US Department of Agriculture, where you can find all the details, including the monthly payment schedule by state.