Social Security Average Spousal Check Predictions 2025: As 2025 gets closer, many people in the U.S. are curious about how the new Cost-of-Living Adjustment (COLA) will affect their Social Security benefits, including benefits for spouses.
The Social Security Administration (SSA) will officially announce the COLA for 2025 in October, probably around the 10th. However, based on current economic trends and recent COLA changes, we can make some informed guesses about what to expect.
Expected Cost-of-Living Adjustment (COLA) and Its Impact on Benefits
The Cost of Living Adjustment (COLA) is calculated using inflation data from the third quarter, helping to adjust Social Security payments to match the cost of living.
For 2025, the COLA is expected to be around 2.63%, which is lower than the 3.2% increase in 2024 and much less than the 8.7% hike in 2022. This drop shows that inflation rates have been going down recently.
Impact on Spousal Benefits
Spousal benefits, which are usually less than retirement benefits, are also going up. As of June 2024, the average spousal benefit is about $911 per month.
With the expected 2.63% cost-of-living adjustment (COLA), this will add an extra $24 per month, bringing the average spousal benefit to roughly $935 per month.
This increase is smaller compared to full retirement benefits because COLAs are based on a percentage of the current benefits.
Combined Benefits for Couples
If you’re a couple where one of you gets a retirement benefit and the other receives a spousal benefit, you could see a combined increase of about $74 per month.
This estimate is based on one partner receiving the average retirement benefit of $1,918 and the other getting the average spousal benefit. However, if your benefits are higher than these averages, your actual increase could be even more.
Planning for the Future
A 2.63% cost-of-living adjustment (COLA) might not seem like much, but it’s important for beneficiaries to take it into account when planning for the future. The extra benefits might not be enough to cover all the rising costs of essentials, so it’s a good idea to consider some additional financial planning.
Supplemental Security Income (SSI)
If you’re eligible, Supplemental Security Income (SSI) can offer extra help. SSI benefits are available for people who are blind, disabled, or low-income seniors. In 2024, individuals could get up to $943 a month, and couples could receive up to $1,415. These amounts change each year based on the Social Security cost-of-living adjustment.
Other Government Benefits
In addition to SSI, there are other government programs that can help with living expenses. One of these is SNAP, also known as Food Stamps. It’s a good idea to look into these programs to see if you qualify for extra support.
Extra Ways to Earn Money
- Use Personal Savings: If you need to, taking more from your savings can help pay the bills.
- Part-Time Jobs: Getting a part-time job can bring in extra money and keep you busy.
- Rent Out Property: If you own any property, renting it out can be a great way to earn more.
The expected cost-of-living adjustment (COLA) for 2025 is small but will still give some relief to Social Security recipients. However, for many, especially those on spousal benefits, this increase might not cover all their expenses.
It’s important to look into all the available options, including government help and extra income opportunities, to ensure a comfortable and financially secure retirement.
Final Words
As we approach 2025, the anticipated 2.63% Cost-of-Living Adjustment (COLA) for Social Security benefits will provide a modest increase for recipients, including spousal benefits. This adjustment will add roughly $24 to the average spousal benefit, raising it to about $935 per month.
Although this increase is smaller compared to previous years, it remains crucial for those relying on Social Security to account for this change in their financial planning. Beneficiaries should also explore additional support options, such as Supplemental Security Income (SSI), government assistance programs, and alternative income sources to better manage their expenses. Proactive financial planning will help ensure a more secure and comfortable retirement despite the modest COLA.
FAQs
When will the 2025 COLA be announced?
The Social Security Administration (SSA) is expected to announce the 2025 Cost-of-Living Adjustment (COLA) in October, probably around the 10th.
How much will spousal benefits increase in 2025?
Spousal benefits are likely to go up by about $24 a month, thanks to a projected 2.63% COLA.
What are spousal benefits?
Spousal benefits are payments made to the spouses of people who are retired or disabled. Typically, these benefits can be up to 50% of the worker’s full retirement amount.
How can I add to my Social Security income?
You might look into extra options like Supplemental Security Income (SSI), SNAP benefits, taking on a part-time job, renting out property, or withdrawing more from your savings.
What’s the purpose of COLA?
COLA helps adjust Social Security benefits to keep up with inflation and rising living costs.