Social Security recipients will get a 2.5% cost-of-living boost in 2025, smaller than in recent past
Millions of retirees who receive Social Security benefits will see a 2.5% cost-of-living increase to their monthly checks beginning in January
By FATIMA HUSSEIN
Published - Oct 10, 2024, 11:15 AM ET
Last Updated - Dec 16, 2024, 06:27 PM EST
WASHINGTON (AP) — Millions of Social Security recipients will get a 2.5% cost-of-living increase to their monthly checks beginning in January, the Social Security Administration announced Thursday.
The cost-of-living adjustment, or COLA, for retirees translates to an average increase of more than $50 for retirees every month, agency officials said.
About 72.5 million people, including retirees, disabled people and children, get Social Security benefit.
But even before the announcement, retirees voiced concern that the increase would not be enough to counter rising costs.
