Millions of retirees who receive Social Security benefits will see a 2.5% cost-of-living increase to their monthly checks beginning in January
, or COLA, for retirees translates to an average increase of more than $50 for retirees every month, agency officials said.
“I would like to eat good but I can’t. When I’m at the grocery store, I just walk past the vegetables because they are too expensive. I have to be very selective about what I eat — even McDonald’s is expensive,” she said.Social Security Commissioner Martin O’Malley told The Associated Press that the upcoming increase will provide a measure of relief for recipients as inflation has cooled and the agency serves a record number of retirees while funding is at a historic low.
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. The presidential candidates, Democrat Kamala Harris and Republican Donald Trump, have presented dueling plans on how they would strengthen Social Security.Harris said she would make up for the shortfall by “making billionaires and big corporations pay their fair share in taxes and use that money to protect and strengthen Social Security for the long haul.”
Health Care Costs Retirees Inflation Government Programs Business Politics Washington News General News Article 114669999
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