In advance of the announcement, analysts predicted that the increase would be about 2.5% for 2025, smaller than increases the previous two years.
WASHINGTON — 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.
But even before the announcement, retirees voiced concern that the increase would not be enough to counter rising costs. The program is financed by payroll taxes collected from workers and their employers and that is slated to increase to $176,100. The maximum amount of earnings subject to Social Security payroll taxes was $168,600 for 2024, up from $160,200 in 2023.
COLA Cost-Of-Living Increase Benefits Inflation AARP Retirees
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