Intro are you ready for some breaking news that could impact your Social Security benefits in a big way in 2025 a major cost of living adjustment is set to increase payments across the board but certain states are seeing even bigger gains stay tuned as we reveal which states will benefit the most and what this means for you hey everyone welcome back to the channel I hope you're having a fantastic day so far we've got some significant updates that you don't want to miss in 2025 Social Security beneficiaries Across the Nation are set to receive a substantial boost in their monthly benefits thanks to the cost of living adjustment or Cola but here's the exciting part certain states are on track to receive even larger increases than others in today's video we'll be diving deep into the top 10 states where residents will see the most significant social security Cola increases in 2025 but before we continue I have a request for you guys please smash that like button and subscribe the channnel and also press the Bell icon so you never miss any upcoming update your support means world to me thank you for your support let's get back to main topic now How the COLA is Determined let's break down the details on this upcoming Social Security boost first off it's important to understand how the cola is determined each year the Social Security Administration SSA adjust benefit amounts based on the Consumer Price Index for urban wage earners and clerical workers CPI this index measures inflation on a broad range of goods and services ensuring that Social Security payments keep up with Rising costs the goal is to help retirees and other beneficiaries maintain their purchasing power as prices go up for 2025 the cola is expected to be around 2.6% a modest increase compared to recent years but still crucial for millions of Americans relying on these benefits this percent may seem small but when applied to the average monthly social security check it can make a significant difference for example someone currently receiving $1,800 a month could see their benefits Rise by about $46.80 per month or over $560 annually however the real News lies in the disparities between states some Top 10 States states are expected to see even higher average increases driven by their higher than average cost of living and wage levels let's look at the top 10 states set to receive the largest Cola increases in 2025 number one New Jersey residents here are expected to see an average monthly check of around $2,100 thanks to higher incomes during their working years and the state's High Cost of Living number two Connecticut coming in close behind retirees in Connecticut might receive about $2,084 monthly the state's High wages and living costs contribute to this significant adjustment number three Delaware beneficiaries in Delaware could see an average increase that pushes their monthly check to approximately $2,050 number four New Hampshire residents here are likely to see their benefits rise to around $2,030 per month number five Maryland with its proximity to the expensive Washington DC area Maryland retirees could expect an average monthly benefit of about $2,025 number six Michigan Michigan though not traditionally known for high living costs has seen economic shifts that could result in an average monthly check of $2,000 for beneficiaries number seven Washington residents of Washington state particularly in high-cost areas like Seattle might receive benefits averaging 1,9 $990 per month number eight Minnesota Minnesota's retirees could see their benefits rise to around $1,980 monthly number nine Indiana beneficiaries in Indiana are expected to receive an average of $1,975 per month number 10 Massachusetts last but not least Massachusetts residents could see their average monthly checks climb to about $1,970 these states are seeing larger increases largely because their residents already receive higher Social Security payments on average reflecting the higher cost of living and wages in these areas for example in New Jersey the average retiree will see an additional $54.60 in their social security check if the current Cola estimates hold true in Massachusetts that increase is expected to be around $50 60 but there's more to the story the final Cola for 2025 will be announced in October following the release of the September CPI de blue data this announcement is highly anticipated each year as it directly impacts the financial planning of millions of retirees disabled workers and others who depend on Social Security now while these increases are welcome news it's important to consider the potential impact of rising Medicare Part B premiums currently the premium is set at $74. 70 per month for 2024 but it's expected to increase by about $10.30 bringing it to $185 this increase could offset some of the cola gains particularly for those on fixed incomes shifting gears for a moment there's another critical issue that's been making headlines the massive data breach that has exposed the personal information of millions possibly billions of people the breach targeted now national public data npe a background check company and compromised Social Security numbers names addresses and more the stolen data has reportedly been put up for sale on the dark WB for $3.5 million if you think you might be affected by this breach it's crucial to take immediate steps to protect your identity one of the most effective measures is to freeze your credit with all three major bureaus Equifax experion and Transunion this will prevent criminals from opening new accounts in your name you should also monitor your existing credit and bank accounts closely for any signs of unauthorized activity in light of these events many people are turning to credit monitoring Services while some like experienc service charge a fee others like Capital 1es Credit wise app offer free monitoring that can help you stay on top of your credit status as we wrap up today's video it's clear that 2025 is shaping up to be a pivotal year for social security beneficiaries with the expected Cola increases and the ongoing challenges posed by cyber threats staying informed has never been more important make sure you like subscribe and hit that notification Bell so you don't miss any future updates thanks for tuning in and I'll see you in the next video