Social Security Changes On October 10 Official Announced–List of all changes affecting retirees The Social security Already announced new change on October 10 important rule changes will be introduced to expand access to SSI benefits.
The new boost for Social Security checks will be announced next week
While an accurate number will not be provided, projections suggest that a 2.5% COLA will be in effect by 2025. This would represent an average increase in benefits of approximately $48 per month by the next year. This is similar to the historical average of around 2.6% over the past 20 years, which seeks to address the fact that the last increase in 2024 was 3.2% and 8.7% the year before. I omitt further details as Tenga will not be able to discuss the BLS inflation numbers till September 710. The September inflation numbers that the Bureau of Labor Statistics (BLS) publishes on this date will be the basis of the internal analysis.
An important part of this information is the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which is specifically for calculating the yearly cost of living adjustments (COLA) any employed person would be entitled to . All the service’s adjustments are based on forecast average CPI-W for each Q3 period. The percentage adjustment that the U.S. Social Security beneficiaries will receive in the year 2025 will be based on this comparison.
What should retirees know before October 10th?
In theory, signing up for Social Security in the United States is easy, however, there are certain important actions and things to consider and some of them should be done or considered before October 10, 2024. The following are suggestions that you ought to consider:
If there are any changes on your bank account or physical residence, marital status etc, such information needs to be submitted timely to the Social Security Administration (SSA) in America so that the records can be kept current.
If you change your mind about applying for an award you can withdraw your application within 12 months period.
Take note of your tax obligations as regards the benefits you receive.
Timing is especially important regarding the SSA information – for example the one on October 10 – which is very important. This date is important because information on the adjustment on cost of living adjustments (COLA) for the year 2025 will be released, which will state the percentage raise beneficiaries will receive.
As mentioned earlier, October 10 is a big day for the United States as it’s the day when the Bureau of Labor Statistics (BLS) publishes the inflation data for the month of September. These figures also include the CPI-W (The Consuemr Price Index for Urban Wage and Clerical Workers) which is used when determining how much the annual COLA of benefits will be. Although the adjusted COLA will not be available until that date, the latest estimates from The Senior Citizens League suggest the next COLA increase estimate figure may be at 2.5%. Using that estimate as an example, we would like to show everyone how Social Security checks will increase for all eligible beneficiaries in 2025:
| Retirement benefits | Social Security checks | 2.5% COLA increase | Extra income |
| On average | $1,900 | $1,948 | $48 |
| Age 62 | $2,710 | $2,778 | $68 |
| Age 67 | $3,822 | $3,918 | $96 |
| Age 70 | $4,873 | $4,995 | $122 |
| Survivor benefits | Social Security checks | 2.5% COLA increase | Extra income |
| On average | $1,505 | $1,543 | $38 |
| Individual | $1,773 | $1,817 | $44 |
| 2 Children | $3,653 | $3,744 | $91 |
| Disability benefits | Social Security checks | 2.5% COLA increase | Extra income |
| On average | $1,537 | $1,575 | $38 |
| Blind recipients | $2,590 | $2,655 | $65 |
| Maximum payment | $3,822 | $3,918 | $96 |
| SSI benefits | Social Security checks | 2.5% COLA increase | Extra income |
| On average | $698 | $715 | $17 |
| Individuals | $943 | $967 | $24 |
| Couples | $1,415 | $1,450 | $35 |
| Essential person | $472 | $484 | $12 |
