Surprise Raise in May? What to Know About Your $1,720 Social Security Payments

Millions of Americans receiving Social Security benefits are wondering whether their monthly checks will get another bump in May 2025. With the average retirement benefit currently at around $1,720 per month, some hope that more help could be coming. So, is another increase in the cards?

The short answer: No, not in May.

That $1,720 figure already reflects a 2.5% Cost-of-Living Adjustment (COLA) that went into effect in January 2025. The Social Security Administration (SSA) makes these adjustments once a year to help benefits keep pace with inflation. The percentage is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), using data from the third quarter of the previous year.

The latest COLA was calculated based on inflation data from July to September 2024, and that’s why your checks saw an increase starting in January 2025, not before or after. This means your payments are set for the rest of the year unless you experience a specific change in your eligibility or income status.

If you were hoping for a mid-year raise, unfortunately, that’s not how the system works. COLA is reviewed just once per year, with any resulting changes taking effect in January of the following year. That means the next potential increase would come in January 2026, depending on inflation trends throughout 2025.

For now, the average $1,720 monthly benefit remains unchanged. But stay tuned, if inflation continues to rise, there could be a bigger COLA on the horizon when the SSA reviews data again later this year.

BOTTOM LINE: No extra increase is expected in May 2025. The $1,720 payment already includes this year’s COLA. The next possible bump will come in January 2026, based on 2025’s inflation.