Are you wondering what your 2025 Social Security monthly benefit will be? All Social Security beneficiaries receive the same COLA percentage increase at the start of the year, but recipients in states with lower monthly SS benefits will see the lowest increases in their checks compared to other states. How can this be if everyone receives the same raise? There isn't one answer that explains why, so let's dig in.
Social Security benefits are based on lifetime income and the age you claim your benefits. Ultimately, how much you get depends on the Social Security benefits formula. If you want to ensure you receive the biggest benefit possible, consider waiting to claim your Social Security benefits. You will receive an extra 2/3 of 1% for each month you delay after your birthday month, adding up to 8% for each full year you wait until age 70. If you defer claiming benefits until age 70, you'd receive 132% of your full retirement benefit.
