Big news for Social Security benefit recipients! The Social Security Administration (SSA) has announced a 2.5% cost-of-living adjustment (COLA) for 2025. It’s not much, but it’s SOMETHING!
This increase will benefit over 72.5 million Americans, including nearly 68 million Social Security beneficiaries and around 7.5 million people receiving Supplemental Security Income (SSI).
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2024 Social Security/SSI Increase
Starting in January 2025, Social Security retirement benefits will increase by an average of $50 per month. For those receiving SSI, increased payments will begin on December 31, 2024. This adjustment was made to help people keep up with rising expenses.
In addition to the COLA increase, the maximum amount of earnings subject to Social Security tax will rise to $176,100 from $168,600.
Recipients will be notified of their new benefit amounts starting in early December. This year, the SSA is rolling out a newly designed, one-page COLA notice, making it easier for beneficiaries to understand their new benefits. Those with a my Social Security account can access their notices online as early as November 20.
Don’t have an account set up? Set up your personal my Social Security account by Nov. 20 to see your COLA notice online. To get started, visit www.ssa.gov/myaccount.
To read more about the 2025 COLA and other Social Security updates, visit the SSA website at ssa.gov. For Medicare changes, information will be available at medicare.gov later this year.
This increase marks another step towards supporting Americans on fixed incomes. Be sure to check your mail or online account to see how this adjustment impacts you.
To read more, please visit www.ssa.gov/cola.
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