If you are both 62 years old and older, and you are both receiving Social Security retirement benefits, there will soon be new payment amounts after the 2025 COLA increase. According to the Administration, retirement benefits will increase by almost 50 dollars. To be accurate, the average boost is $49 since the current payment is worth $1,927 and the amount in January will be about $1,976 for singles.
However, if you are an eligible married couple, the average payment for a retired couple will be $3,716, up from $3,014. This information comes from the latest COLA Fact Sheet the Agency unveiled for 2025. So, if you belong to the group of aged couples, both receiving benefits, that will be the new average amount.
When could eligible couples receive money from Social Security?
To get this new average payment amount retired couples must wait until the first January payments come with the 2025 COLA increase. For example, if you began receiving retirement benefits before May 1997, your next payday will be January 3, 2025.
Nevertheless, this will only be the payday for these retirees and for those who are also receiving Supplemental Security Income. After this payda, there will be another one on January 8.
To get money on the 8th you must have been born from the 1st to the 10th. This will be when the Wednesday round of payments will begin. Then, there will be other paydays on January 15 and January 22 if your birthday is from 11-20 or from 21-31 respectively.
Why will Social Security payments increase for couples and individuals on retirement benefits?
The reason why there will be an increase is the fact that the Social Security Administration (SSA) updates COLA when inflation changes. Since inflation has gone up by 2.5%, this has been the cost-of-living adjustment for 2025.
Bear in mind that reports from the Senior Citizens League claim that retirees on Social Security have lost a great deal of purchasing power. In fact, the latest report claims that it has been a loss of about 20% since 2010.
Hence, retirees can buy fewer things since they began receiving their Social Security payments back in 2010. COLAs help retirees but they do not seem to be enough.
