The first payment with Social Security’s announced increase will come in 2024

Over 70 million people are waiting for the new 2025 Social security check increase to be formally approved. After the 2025 Social Security payment schedule, the Social Security Administration says the new raise check will be paid in January. Next month, the official cost of living increase (COLA) should be released by the Bureau of Labor Statistics to establish pay levels. The Senior Citizens League (TSCL) has predicted a COLA increase of between 2.73% and 3.2%, although we are unsure of the exact number. Discover the newly revised dates for next year’s Social Security benefits, if you’re eligible, and the expected payout amounts for each recipient.

The first Social Security payment with the COLA increase is coming this year

Each month, the public authority is responsible for delivering five sets of payments. Beneficiaries of Supplemental Security Income (SSI) and Retirement, Survivors and Disability Insurance (RSDI) programs receive their first two payments on the first and third days of the month, respectively. Then, depending on each recipient’s date of birth, SSA offers three additional rounds of benefits to RSDI recipients on the second, third, and fourth Wednesdays of the month. Under the Social Security payment schedule, Supplemental Security Income (SSI) recipients will receive their first payment on December 31st, which will include the COLA increase.

Due to the federal holiday on January 1st, the federal agency is moving the payment date to the previous business day, which is Tuesday, December 31st. Consequently, the 2025 cost of living adjustment (COLA) increase will be included in the new Social Security payments that SSI recipients will receive first among all Americans. Please refer to the following table to find out more about the guaranteed payment dates with the new increase:

How much money will recipients make with the new increased Social Security payment starting in January 2025?

Several variables, including recipients’ age, work history, type of disability and eligibility for the SSDI program, affect how much they receive at Social Security. After program eligibility, SSA will determine the monthly payment amount based on the recipient’s specific situation. Each year, the value of the benefit will change due to the cost of living adjustment (COLA), which helps beneficiaries keep up with inflation.

After the official announcement of the new COLA for 2025, the Social Security Administration can now determine how much money all recipients will make with the 2.5% increase in Social Security checks. Given the 2.5% COLA increase and all the different payment amounts per program, you can see here how much recipients of the Retirement, Survivors and Disability Insurance (RSDI) and Supplemental Security Income (SSI) programs will earn starting January 2025.