Receiving $50 extra per month on average will be possible from January 3, 2025. This is when millions of United States retirees will get their Social Security COLA increase. To receive 50 dollars after the 2025 COLA boost you must qualify for a check or direct deposit worth $2,000. On average, retirees receive $1,927 which will provide you with a jump of 49 bucks.
On October 10, 2024, the Social Security Administration claimed that eligible beneficiaries will receive about $50 extra thanks to the 2.5% COLA increase for 2025. If compared to the boost that took place in 2024, this increase will be 0.7% lower. Even if it is a small difference, millions of recipients will not get so much extra money as in 2024, 2023, or 2022.
Social Security payments with the $50 extra in January 2025
To receive the $50 extra, apart from being an eligible Social Security recipient and getting a monthly payment of about $2,000 in 2024, you must meet other essential requirements to get it on one payday or another one.
For example, to get Social Security benefits on January 3, you must either:
- be receiving SSI (Supplemental Security Income) simultaneously
- or have begun receiving Social Security before May 1997
If you are eligible for the January 3 payment, there are 3 more paydays in January 2025. Take for example the following payment dates on January 8, 15, or 22.
Social Security COLA increase on January 8, 15 or 22
If you are receiving retirement benefits in 2024, but do not qualify for a check or direct deposit on January 3, you need to take into account the date you were born.
Those retirees whose birthdays are from 1-10 will get their monthly payment with COLA on January 8. If it is from 11-20, on the 15th. The last payday with the new COLA will be on January 22, 2025, if born after the 20th.
For your information, if you get a Social Security check worth $500, your boost will be about $12.5. If it is worth $1,000, it will be $1,025. However, if your payment is worth $4,000, you will get up to $100 extra in January.