COLA Update October 2024 – Social Security Changes, Amount, Eligibility & Payment Dates

SSA is the social security administration, that launch the various social security programs, and provide financial aid to eligible Americans. SSA is responsible to make changes in social security payments, according to COLA.

The COLA Update is referred to percentage of increase in social security payments. COLA will implemented every year after some changes, on basis of earning and households of US people.

COLA Update October 2024

COLA update for the 2025 year will soon be announced in October, but currently, nothing is confirmed about it. It is calculated on the basis of third-quarter inflation data. US citizens can also compute COLA by itself. The citizens who are working need to pay social security taxes to become eligible for increased payments.

2025 COLA Increase

Authority NameSSA
COLACost-of-living adjustment
Changes InSSI, SSDI, low Income
CountryUSA
2025 Increase2.5%
New Payment DatesStarting from January 2025
CategoryGovernment Aid
Official Websitehttps://www.ssa.gov/

Social Security Changes Coming in 2025

Social security changes will be announced in October 2024 and will implemented from January 2025. In Mid of October, it will expected that there are some changes occurs in SSI, SSDI, and retirement payments.

Third quarter consists July, august and September month. Through this data of the third quarter, the COLA for October will announced and change SSA Payments. The COLA update will announced in mid-October, but it will implemented in payments from starting of the 2025 year.

COLA Changes In October 2024

COLA update for social security payments will announced in October. In 2025, the COLA will expected to increase by 2.3 to 2.5%. The COLA will range between it, according to economics and researchers. Let us look at the third quarter CPI-W for July, August, and September, that are used to compute COLA 2025:

MonthCPI-W 2023CPI-W 2024
July299.899308.501
August301.551308.640
September302.257Coming in October
Total (Q3)903.707Not available yet
Average301.236Not available yet

Social Security Payment Increase In October 2024

According to expected COLA 2025, it is expected that social security payments increase by 2.5%. It means that those who are getting $3822 payments will get $4000 payments after 2025 if it is approved.

That person who is getting SSI payments of $943 will get $1000 if individual. The SSI married couples who are getting $1415 payments will get $1500 after COLA implementation. The retirees who are getting $4873 payments will get $5000 from 2025.

Social Security Earnings Limits

SSA has set some earnings limits on Americans to become eligible for SSA Payments after the COLA update or increase. In 2024, the limit is $168,600 for working Americans. The limits for taxable earnings will rise to $1,72,000.

Those who are at retirees age, should also fulfills the earning limits. These limits for retirement payments are set to $22,320 for under retirees, and $59,520 for full retirees.

FAQs

When will COLA 2025 implemented?

COLA 2025 will implemented from the First date of next year.

How to Verify COLA applicable SSA changes?

You can check the COLA 2025 fact sheet on the SSA website after it is confirmed by officials.

When will the COLA 2025 Fact sheet issued?

It is expected that SSA will issue the COLA 2025 fact sheet in Mid of October.

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