Social Security Payment Alert: New Amounts with COLA Rise Coming Tomorrow

This week, millions of US retirees are going to get relief as people in Group 4, as determined by the Social Security Administration (SSA), are going to receive their Social Security payment on April 23, 2025. This payment is specifically for those retirees who were born between the 21st and 31st of any month.

This payment is coming under the Cost of Living Adjustment (COLA) program, which aims to provide financial support to people in times of rising inflation. Under this scheme, the benefit amount is increased every year in view of inflation.

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How much money will be received after COLA increase?

Now let’s talk about how much money retired people will get after COLA. This amount depends on the age at which the person retired:

• If a person has retired before the age of 62, then he can get a maximum Social Security benefit of $2,831 per month.
• If someone waits until full retirement age (age 67), the maximum monthly amount increases to $4,018.
• And those who delay retirement until age 70 get the biggest benefit – they can get up to $5,108 per month. That’s the most the SSA can pay.
• This year’s COLA increase is 2.5%, and it’s automatically added to monthly payments. Beneficiaries don’t have to do anything about it.

SSI Benefits and Their Impact

Another big thing besides COLA is that the taxable income limit has also been raised – it’s now $176,100. This will affect people with higher incomes.

The amount of SSI (Supplemental Security Income) benefits varies from person to person because it depends on many factors, such as:

• how much the beneficiary earns,
• what disabilities they have,
• who lives with them in the home or who is caring for them.
• The maximum amount of SSI at the moment is:
• For a single person: $967 per month
• For a couple: $1,450 per month
• It is important to note that SSI payments are sent on the first of the month.
• Changes in Full Retirement Age (FRA)

The government is now working on a plan to change the full retirement age (that is, the age at which you are entitled to full Social Security amount). This means that this age may be extended a little for those who will retire in the future.

The purpose of this change is to make the Social Security system more stable and modern so that it can help people in the future as well.

Home prices are falling in major US cities – especially in the Sun Belt

Another interesting piece of news is that home prices are falling in many major US cities, especially in the Sun Belt – such as Texas, Arizona, Florida and Louisiana.

According to a recent report, home prices are now falling in 60 of the 300 major cities. The number was just 31 in January, rose to 42 in February and now 60 in April.

Major cities with falling prices:

• Austin: -4.6%
• Tampa: -4.5%
• San Antonio: -2.7%
• Phoenix: -2.5%
• Dallas: -2.4%
• Jacksonville: -2.3%
• Orlando: -2.2%
• New Orleans: -1.9%
• Atlanta: -1.8%
• Miami: -1.5%

What is the root cause?

Along with inflation, the supply of new homes has also increased significantly. This is putting pressure on the prices of existing homes. Builders are offering offers and discounts on new homes, due to which buyers are now moving towards new homes instead of old homes.

The prices of houses in the cities where people shifted in large numbers during the pandemic had increased very rapidly – ​​now when people are shifting less and interest rates have also increased, the housing market there has slowed down.

Up to $2,831 Social Security payment in May for Birthdays Between 1st–10th at Age 62

Conclusion

Now whether it is about Social Security’s COLA payment or change in house prices – a phase of economic change is going on in America. Retired people can breathe a sigh of relief that they are getting payment with their COLA increase. At the same time, this time can be a little relief for home buyers as prices are coming down a bit.

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