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I am retired and receiving Social Security, will my benefit amount increase in 2025?
Yes, the 72.5 million Americans receiving social security will enjoy a 2.5% cost of living adjustment (COLA) increase in 2025. This is in comparison to a 3.2% increase in 2024 and a whopping 8.7% increase in 2023, a result of the coronavirus pandemic. While we see a COLA many years, there have been years where an increase was not given.
How Do I Find Out What My Social Security Benefits Are in 2025?
If you are a recipient, you should have received in December a notification of your 2025 benefits. The year 2025 will mark a change in the form of the statement, called a Notice of Cost-of-Living Adjustment (COLA). The new and improved form is intended to more clearly explain the COLA, relevant deductions, and the amount you will receive.
The first item on the notice will be the monthly amount of benefits before deductions. It will then list whether there are deductions for Medicare Insurance Parts B and C, a Medicare Prescription Drug Part D Plan, tax withholdings for non-citizens, and voluntary federal tax withholding for citizens. The statement will then list the monthly amount that will be given after deductions. This amount is often received as a direct deposit into a checking or savings account, although some individuals still receive the benefit in a paper check sent via mail.
What Should I Do If I Did Not Receive a COLA Notice?
If you did not receive a statement in the mail, you can request that a replacement be mailed from the Social Security Administration or you can log on to SSA.gov to view your statement. The Social Security Administration website urges individuals to create an online profile to receive this and other information.
Why Should I Create an Online Social Security Account?
In addition to being able to retrieve duplicate statements, the SSA portal allows you to gain information about your benefits at an earlier date than you will receive by mail. Those that do not receive benefits can use the portal to receive estimated benefit amounts on your own work record or for spousal benefits, check the status of an application, order a replacement Social Security card, or receive proof that you do not receive benefits. Recipients can use the online system to change direct deposit, get a 1099 form to show benefits received over the course of the year, print a verification of benefits or change a mailing address.
By Britt Burner, Esq.
Britt Burner, Esq. is a Partner at Burner Prudenti Law, P.C. and the Chair of the NYSBA Elder Law and Special Needs Section, focusing her practice areas on Estate Planning and Elder Law. Burner Prudenti Law, P.C. serves clients from New York City to the east end of Long Island with offices located in East Setauket, Westhampton Beach, Manhattan and East Hampton.
