Social Security recipients will see a 2.5% increase in their monthly benefits starting in 2025, according to the cost-of-living adjustment (COLA) announced on Thursday. While this increase is smaller than the past two years, it reflects moderating inflation.
Social Security recipients will receive a 2.5% increase in their monthly checks in 2025.The cost-of-living adjustment, or COLA , was announced on Thursday. Analysts had predicted a 2.5% bump for 2025, which is smaller than increases in the previous two years and reflects moderating inflation.Recipients received a 3.2% increase in their benefits in 2024, after a historically large 8.7% benefit increase in 2023, brought on by record 40-year-high inflation.About 70.
If the trust fund is depleted, the government will be able to pay only 83% of scheduled benefits, the report said.The program is financed by payroll taxes collected from workers and their employers. The maximum amount of earnings subject to Social Security payroll taxes was $168,600 for 2024, up from $160,200 in 2023. Analysts estimate that the maximum amount will go up to $174,900 in 2025.
Social Security COLA Cost Of Living Adjustment Inflation Retirement Benefits
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Social Security cost-of-living adjustment: How much will recipients get in 2025?Tens of millions of older Americans will see a modest increase in benefits this January when a new cost-of-living adjustment is added to Social Security…
Read more »
Social Security cost-of-living adjustment: How much will recipients get in 2025?Tens of millions of older Americans will see a modest increase in benefits this January when a new cost-of-living adjustment is added to Social Security…
Read more »
Social Security COLA 2025: Recipients to receive 2.5% increase next yearThe cost-of-living adjustment, or COLA, was announced on Thursday. Here’s what to know.
Read more »
Social Security cost-of-living adjustment: How much will recipients get in 2025?Tens of millions of older Americans will see a modest increase in benefits this January when a new cost-of-living adjustment is added to Social Security…
Read more »
Social Security cost-of-living adjustment: How much will recipients get in 2025?Tens of millions of older Americans will see a modest increase in benefits this January when a new cost-of-living adjustment is added to Social Security…
Read more »
Social Security recipients will get a 2.5% cost-of-living boost in 2025Millions of retirees who receive Social Security benefits will see a 2.5% cost-of-living increase to their monthly checks beginning in January
Read more »