The Social Security Administration claims that the average payment for all retired workers is about $1,927 in December 2024. However, if you have filed before Full Retirement Age, your payment is lower than that amount on average.
According to the Motley Fool, the average payment for retirees aged 65 is about $1,505 in 2024. Therefore, the total amount of money retirees get on average in one year is about $18,060. If you just worked for ten years and had a low wage, you may get a much lower payment. On the contrary, high earners could get a lot more.
How much will the average Social Security check for retirees be after the 2025 COLA increase?
Thanks to the 2.5% COLA increase, if your average check at 65 is about $1,505 in 2024, it could become $1,542 after the boost. This means retirees aged 65 can get about $37 extra per month.
For your information, retirees aged 65 may receive a lower-than-average boost. This is because they may have filed before Full Retirement Age and they got a reduction from Social Security.
The COLA Fact Sheet claims that the average boost will be almost 50 dollars for all retirees. So, it means this age group will receive about 12-13 dollars less than others.
What if your payment is not the average at 65?
If your Social Security payment is about $1,000 in 2024, you will receive $1,025 in 2025. If it is about $500, it will become $512.50. Those who receive 600 dollars in 2024 will get $615 in 2025.
Some retirees aged 65 may get 700 dollars, so their payment will become $717.50. Having a check worth $800 will mean you will receive $820 in 2025 after the 2.5% COLA boost.
Higher amounts are also possible if you were a high earner as a worker. For example, if you receive $2,000 in 2024, it will become $2,050 in 2025. After the boost, your $2,500 payment can become $2,562.50 in 2025. The first payments when retirees can get the 2025 COLA will be on January 3, 8, 15 and 22, 2025.
