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By Aliss Higham
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Social Security benefits will be paid to millions of recipients later this week.
Why It Matters
Social Security benefits serve as the foundation of retirement income for millions of older Americans, with an estimated 53 million collecting payments at the end of 2024.
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This month, those recipients will see their first increased payments of the year, thanks to the annual Cost of Living Adjustment (COLA), which helps protect the purchasing power by raising the amount each year.
Benefits have been increased by 2.5 percent for 2025, and this boost applies to all benefits administered by the Social Security Administration (SSA), including retirement and disability payments.
What to Know
This week, Social Security beneficiaries with a birthday that falls between the 21st and 30th of the month can expect their monthly payment on Wednesday, January 22.
Retirement checks are distributed throughout the month based on the recipient's birth date and how long they have been receiving benefits for. Those born prior to the 21st should have already received their January payments.
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How Much Social Security Can I Get?
The amount you can claim is based on several factors, including the age at which benefits started and the individual's highest-earning years of work.
Retirees who stop working at the Full Retirement Age, currently set at 67, can receive a maximum benefit of $4,018 per month. If benefits are claimed at the earliest possible age of 62, that maximum payment drops to $2,831.
The longer you choose to wait to start taking your payments, the more you can get; delaying retirement until age 70 increases the maximum monthly benefit to $5,108.
However, most retirees, do not receive the maximum benefit, as the amount depends on their earnings throughout their working years. In November 2024, the average monthly retirement benefit was $1,876.95.
What People Are Saying
Martin O'Malley, former commissioner of Social Security, said when the increased amount was announced in October: "Social Security benefits and SSI payments will increase in 2025, helping tens of millions of people keep up with expenses even as inflation has started to cool."
Independent Social Security and Medicare policy analyst Mary Johnson: "The 2025 COLA will be the lowest received by Social Security beneficiaries since 2021, at the same time inflated prices persist on key essentials such as housing, meats, auto insurance, any type of service and repairs. Despite it being the lowest COLA since 2021, a 2.5 percent COLA would be considered about average."
What's Next
The next round of retirement payments is scheduled for Monday, February 3. According to the SSA, if a payment doesn't arrive as expected, you should wait three business days before contacting them.
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