On Thursday, the Social Security Administration announced that millions of individuals who receive Social Security benefits will see a 2.5% increase in their monthly payments beginning in January. This adjustment, known as the cost-of-living adjustment (COLA), translates to an average monthly increase of over $50 for retirees. Currently, more than 72.5 million people benefit from Social Security, a group that includes retirees, children, and individuals with disabilities.
In early December, the agency will begin notifying beneficiaries about their updated benefit amounts through official communications. Additionally, on December 31, approximately 7.5 million recipients of Supplemental Security Income will also start to receive their adjusted benefits. This increase aims to help recipients keep pace with inflation and rising living costs.
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