Many retired people in the US are getting ready to get their next round of payments from the Social Security Administration on April 9. These payments will include the 2.5% increase that came about because of the Cost of Living Adjustment (COLA) in January 2025.
Beneficiaries do not have to do anything for the change to show up in their payments. This is part of a plan to help retirees deal with rising costs of living and inflation.
On April 9, retirees born between January 1 and October 10 of any given month who started getting Social Security benefits at age 62 will be able to start getting their money.
How much is the Social Security payment for retirees in April 2025?
The exact amount of SSA payments a person gets depends on how much they have earned over their lifetime and when they decided to retire. For people who retired at age 62, the amount they receive each month is $2,831.
But retirees who wait to get their benefits until they reach full retirement age of 67 can expect up to $3,822 in payments. If they wait until age 70, they can get much larger payments, up to $5,108.
This tiered benefit system is meant to make Social Security more stable in the long term and encourage people to put off retirement as much as possible.
Along with the continued rise in COLA, 2025 will also see big changes to the Social Security system. The taxable earnings limit has been raised to $176,100, which affects people with higher incomes who still pay into the system.
Also, changes were made over time to the full retirement age. These changes are part of the program’s plan to adapt to changing economic and demographic conditions and will help keep it stable for future generations.
