Starting in 2025, 72.5 million recipients of Social Security benefits and/or Supplemental Security Income (SSI) payments will see an increase of 2.5%.
The increase is about $50 extra per month according to the Social Security Administration (SSA).
The increase is due to the Cost of Living Adjustment (COLA) and inflation.
This means that close to 68 million Social Security beneficiaries will see a 2.5% cost-of-living adjustment (COLA).
Almost 7.5 million SSI recipients will begin to see the increase on December 31, 2024.
“Social Security benefits and SSI payments will increase in 2025, helping tens of millions of people keep up with expenses even as inflation has started to cool,” said Martin O’Malley, Commissioner of Social Security.
For those who are still paying into Social Security, the taxable minimum is expected to increase to $176,100 from $168,600.
SSA said that recipients will be notified by mail of their new benefit amount starting in December.
For more information visit www.ssa.gov/cola.
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