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    • Social Security’s COLA will be set in October. What this means for retirees
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    Social Security’s COLA will be set in October. What this means for retirees

    Idris Bevan Posted on

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    Seniors across the country will soon find out whether they will get a raise next year.

    According to investment website The Motley Fool, the Social Security Administration is expected to announce its cost-of-living adjustment (COLA) for 2025 on October 10.

    Here’s what you need to know.

    Increase in Social Security COLA for 2025

    The Senior Citizens League is forecasting a 2.5 percent COLA for next year, based on falling consumer price data. The increase would add $48 to the current average monthly pension for retirees of $1,920, according to the league, which describes itself as one of the largest nonpartisan senior citizen groups in the country.

    The COLA varies considerably from year to year. For 2024, Social Security’s COLA is 3.2%.

    How much do Ohio residents receive from the Social Security COLA?

    According to the SSA website, eligible Ohio residents received $4.23 billion in monthly payments in 2023. Nearly 2.5 million Ohio residents were Social Security beneficiaries. These included:

    • Retired workers (1,779,927)
    • Disabled workers (305,732)
    • Widows, widowers and parents (159,964)
    • Spouses (70,208)
    • Children (147,123)

    Social Security benefits in Ohio could increase by as much as $84.6 million per month with the new cost-of-living adjustment for 2025. That equates to a total of $1.01 billion in additional benefit payments with COLA adjustments.

    How much will your Social Security benefit be? Use a Social Security COLA calculator

    How much is the average monthly check for a Social Security recipient?

    According to Bankrate, the average monthly check for a beneficiary will be $1,782.74 as of July 2024.

    The amount of the benefit varies depending on the type of recipient. For example, pensioners receive more than the average recipient.

    How much money does social security pay out?

    According to the Austin American-Statesman, payments vary based on several factors, including the number of years worked, the total amount of Social Security contributions paid and the retirement age.

    • Retired employees: Approximately $1,907 per month
    • Pensioner couples (joint assessment): About $3,303 per month
    • Survivor benefits: Average $1,509.50 per month
    • Spouses of retired employees: Average $910 per month
    • Children of pensioners: Average $892.39 per month
    • SSI Beneficiaries (Individuals): Average $943 per month
    • SSI Beneficiaries (Couples): Average of $1,415 per month
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    Idris Bevan
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