Source: Douglas Sacha / Getty
The government just released good news for Social Security beneficiaries.
As announced by the Social Security Administration today, all SS (Social Security [retirement]) and SSI (Supplemental Security Income) payments will increase by 2.5% in 2025.
Millions of Americans receive either SS, SSI, or both. The new COLA (cost-of-living adjustment) funds—averaging to be roughly $50 per month, per beneficiary—will begin rolling out in January 2025 for SS retirement recipients (nearly 68 million people) and December 31, 2024, for SSI recipients (nearly 7.5 million people).
Notifications regarding benefit increases will be sent to recipients (by mail) starting in early December. The notice will also be available to view in one’s my Social Security account.
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This year, for the first time, Social Security beneficiaries will receive a newly designed and improved COLA notice that makes it easier for customers to find the information they need most. The simplified COLA notice is now only one page, uses plain and personalized language, and provides exact dates and dollar amounts of a person’s new benefit amount and any deductions (SSA.gov).
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To read more, please visit www.ssa.gov/cola.
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