The Social Security Administration (SSA) has announced a new Cost-of-Living Adjustment (COLA) for the upcoming year, designed to help recipients manage rising inflation and increased living costs. Millions of Americans, particularly seniors, are set to benefit from this adjustment.
This year’s COLA represents a 3.2% increase, which is lower than last year’s historic 8.7% rise. Over 70 million beneficiaries, including retirees, disabled individuals, and others who rely on Social Security, will experience changes in their monthly payments starting in January 2025.
Effective Date: The new COLA will be reflected in checks starting in January 2025.
Average Monthly Benefit: The average retired worker will see their monthly benefit increase by approximately $50, bringing the average benefit to $1,790.