Today’s wealthiest Social Security beneficiaries rake in a whopping $4,873 per month. That’s more than $58,000 per year, and they’ll get even more in 2025. These seniors will get the same cost-of-living adjustment (COLA) as everyone else starting in January.

COLAs are percentages, so everyone’s checks will increase by a certain percentage of their current checks. Because of this, those with the largest checks today will also see the greatest dollar-value increases. But they might get less than you imagine.

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The 2025 COLA will probably be around 2.5%

The latest projections from The Senior Citizens League (TSCL) put the 2025 Social Security COLA around 2.5%. This would add approximately $122 per month to the checks of those currently earning the maximum benefit, bringing them to $4,995 per month. That’s another $1,464 per year.

It’s a drop in the bucket for most receiving the largest possible checks. To claim the biggest Social Security benefit, you must earn the maximum income subject to Social Security taxes ($168,600 in 2024) in at least 35 years and delay your Social Security claim until 70. That’s pretty difficult to pull off. Most of the people who do probably aren’t hurting for money and will be able to cover their living costs regardless of where the COLA comes in.

What’s interesting about these people is that they might not be the top Social Security earners for long. The Social Security benefit formula changes every year and the change can raise the maximum benefit slightly. Soon, a new crop of 70-year-old, high-earning claimers may receive even larger checks. However, they won’t know how much they’ll get until the Social Security Administration announces the 2025 maximum benefit. It usually shares this information sometime around the COLA announcement.

The average COLA increase will be much less

The average monthly Social Security benefit as of August 2024 is $1,920. If you add a 2.5% COLA to this, you get $1,968 per month — a $48 increase over the current benefit. That might not be enough to cover retirees’ rising costs.

There’s a small chance the COLA could be higher than the 2.5% expected. But for this to happen, September would have to see high inflation, and inflation has actually been cooling over the last few months. So if anything, the COLA will probably be a little lower than current estimates.

Once you learn the official COLA on Oct. 10, 2024, you can estimate what your checks will be next year by adding the COLA percentage to your current checks. You’ll also get a personalized COLA notice from the Social Security Administration in December listing your exact 2025 benefit amount.

After you’ve identified how much you’ll get from the program, you can plan next year’s budget. If you’re worried your checks won’t go as far as they do today, you might need to explore other sources of retirement income to help you make ends meet. This might include a job, rental income, or other government benefits.

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