Can you imagine getting a bigger pay cheque at the end of February? That is exactly what could happen in 2025 for Social Security beneficiaries in the United States, including those living in all 50 states, regardless of where they live.
It turns out that the Cost of Living Adjustment (COLA) is ready to boost monthly payments by adjusting for inflation. And, yes, this applies to everyone, but today we’ll focus on the details that matter to Floridians, particularly those in group 4 of retirees. What does this mean? Keep reading; I’ll tell you everything.
Social Security checks are getting a boost
For those in group 4, the key date is February 26, 2025. They will receive their monthly Social Security payment on that day, assuming everything goes as planned.
This group stands out because they are the last to be paid each month, but don’t worry, it’s not because they have been forgotten. Simply put, the system is intended to ensure that everyone, without exception, receives their money.
If you were born between the 21st and 31st of any month and began receiving benefits after May 1997, you are in group 4. Congratulations. And the schedule is the same across the country.
Now, let us discuss the increase. Where did the extra come from? COLA is simply an adjustment to ensure that profits keep up with price increases.
This means that whether you receive Social Security for retirement, disability, or another reason, the increase is intended to ensure that you do not fall short in meeting your expenses.
And, no, it is not limited to those in Florida; it applies to all beneficiaries across the United States. So, if you have family or friends in other states, let them know because this also affects them.
SSI benefits are getting a payment one day earlier
But wait, this doesn’t end there. It turns out that, in addition to the regular payment, some fortunate individuals may receive an additional cheque before February ends. How much are we talking about? Up to $967.
That sounds good, right? But be careful; not everyone is eligible for this additional payment. To be eligible, you must meet certain criteria, such as receiving Supplemental Security Income. A couple may be entitled to up to $1,450.
This additional payment is scheduled for February 28, 2025, and is essentially a calendar gift. SSI checks are usually paid on the first of each month, but if that day falls on a weekend, the payment is moved to the last business day of the previous month. So, since March 1, 2025 is a Saturday, the payment will be made on February 28.
Who is eligible to receive this extra payment? Mostly elderly people with limited financial resources. This money is intended to help the most vulnerable, those who require extra assistance to meet their basic needs. So, if you meet these requirements, keep an eye on your bank account near the end of February.
