The Social Security increase has not been sent to all recipients yet. A large group of retirees who qualify for the third round of Wednesday payments will not receive the COLA increase until next week.
Some have just received the 2.5% extra on their January 15, 2025, payment. However, if you are on retirement benefits and you were born from the 21st to the 31st, your new monthly payment will be delivered to your bank account on January 22, 2025.
Who will receive $49 extra from Social Security on Jan. 22?
As a matter of fact, this will be the extra money the Administration will give you if your payment is worth $1,927. Actually, this is the average payment for December 2024.
Therefore, if you receive a lower payment, your Social Security COLA increase will be lower than $49. For example, if you received a check or direct deposit worth $1,000 in 2024, you will get $1,025 on January 22 if eligible for this payday.
The COLA increase could be just 12.50 dollars if your monthly payment is worth $500. Hence, it will depend on your payment amount. Check higher COLA boosts below.
Who will get $100 extra from Social Security on Jan. 22?
The retirees who were born from the 21st to the 31st and last year received a monthly payment worth $4,000 in retirement will get $100 extra on the 22nd. If your monthly payment is worth $5,000, you will get $125 extra per month.
Nevertheless, these large amounts are only for high earners. If you managed to work for 35 years, earned the taxable maximum, filed at 70 and had jobs covered by SSA, you could get $5,108 in 2025.
This will be the largest retirement benefit payment in the United States’ history. Filing at Full Retirement Age and meeting the previous requirements can give you a monthly payment of about $4,018 in 2025.
Opting for early filing has disadvantages from a financial point of view. The largest Social Security check at 62 is worth $2,831. Thus, there is a considerable reduction for early filing.