08-15-24 TPE Behind the Markets PM

Social Security’s COLA: 10 States Will See the Best in 2025

As inflation continues to shape the economic landscape, Social Security recipients are set to receive their annual cost-of-living adjustment (COLA) to help maintain the purchasing power of their benefits. The official rate for the 2025 COLA will be determined after the Labor Department releases the Consumer Price Index data for September, scheduled for Thursday, Oct. 10, at 8:30 a.m. ET.

The calculation of Social Security benefits is primarily based on an individual's lifetime earnings and the age at which they claim benefits. While the state of residence does not directly influence the benefit amount, it does indirectly affect it through median income levels.

According to the Social Security Administration's 2024 statistical supplement, the following states have the highest median monthly Social Security benefits as of December 2023, positioning them for the largest dollar increases in 2025:

1. New Jersey: $2,100

2. Connecticut: $2,084

3. Delaware: $2,064

4. New Hampshire: $2,039

5. Maryland: $2,008

6. Michigan: $2,005

7. Washington: $1,992

8. Minnesota: $1,982

9. Indiana: $1,952

10. Massachusetts: $1,946

As we await the official 2025 COLA announcement, retirees, particularly in states with higher median benefits, should prepare for notable increases in their Social Security checks. Understanding the dynamics of Social Security and employing strategies to maximize benefits can significantly impact financial well-being in retirement.

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