The Social Security Administration (SSA) on Thursday announced the annual Cost of Living Adjustment (COLA) for 2025 will be 2.5%, lower than the 3.2% adjustment for 2024.
The adjustments are announced every October, and are calculated through a formula that is tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers. The increases are intended to help offset increased costs caused by inflation. In 2022, the increase was 8.7%, and the increase in 2021 was 5.9%, according to The Hill.
The increases are expected to be an average of $50 per month starting in January, and will impact Social Security benefits and Supplemental Security Income payments.
“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,” Social Security Commissioner Martin O’Malley said in a statement. […]
— Read More: justthenews.com
