The Social Security Administration (SSA)the federal agency responsible for paying monthly benefits to retirees in the United States has confirmed the date on which these beneficiaries will receive their first salary increase. This salary increase is due to the cost of living adjustment (COLA) increase given to all benefit recipients so they have enough money to cover their expenses and maintain their purchasing power. According to Social Security, retirees who applied for benefits after May 1997 will receive their first check increase on January 8, 2025. It’s important to note that the official percentage has not yet been confirmed, but according to the latest projections, the final increase could be around 2.5%.

Pensioners will receive an increase in their social security checks from January 2025

Based on the Social security payment planRetirees and beneficiaries of the Retirement, Survivors, and Disability Insurance (RSDI) program who applied for benefits after May 1998 will begin receiving their benefits on Wednesday, January 8. Following SSA payment guidelines, retirees will receive their benefits depending on their birth date. Below are the upcoming payment dates based on beneficiaries’ birth dates. Remember, if your payment does not arrive on the scheduled date, you should wait at least three mail days before contacting customer service, as sometimes there can be delays as your bank processes payments.

Assuming a 2.5% increase in monthly benefits, we wanted to let you know the amount your Social Security payments would increase, as the official COLA increase for 2025 will not be announced until October. Note that the final percentage and therefore the payment amounts are subject to change, so this is only an estimate of the future increase in Social security benefits.

What requirements must be met to be eligible for the Social Security check every month?

To apply for a Pension programyou must be at least 62 years old, have reached your full retirement age (FRA), and have paid Social Security for at least 10 years. Because the Social Security Administration tracks your contributions, you must have earned at least 40 Social Security points in the year, which are calculated from your total wages and self-employment income. In other words, to earn one point, you must have worked for approximately one year, although this can vary over time. Finally, while Social Security points are required to qualify for retirement, your monthly retirement benefit is not based on how many points you have accumulated.

If you would also like to apply for Disability benefitsyou must have earned Social Security credits or you will not be accepted. Under SSA guidelines, SSDI benefits are awarded to people who paid payroll taxes before becoming disabled. If you are disabled but have not paid payroll taxes, you can apply for Supplemental Security Income (SSI), which does not have this requirement. In addition to earning sufficient credits, disabled people must provide medical documentation that their disability prevents them from engaging in substantial gainful activity (SGA) for at least 12 months, or documentation that they are blind.