2.5% increase in Social Security by 2025

By: 600011 On: Oct 13, 2024, 4:48 PM

 

PP Cherian Dallas

New York: Starting in January 2025, the average Social Security payment will increase by about $50, the agency said Thursday. 2.5% COLA (cost-of-living adjustment) increase by 2025

This year, the average monthly benefit payment for retirees is about $1,927, according to the Social Security Administration. After a 2.5% increase, that would rise to $1,976 per month. Married couples collecting Social Security will see their average benefit next year up from $3,014 currently. will rise to $3,089 per month.
About 68 million Social Security recipients will see new 2025 amounts starting in January 2025 payments. Another 7.5 million people who receive Supplemental Security Income, or SSI, will receive their increased payments starting Dec. 31, 2024, the agency said.

Some people receive Social Security payments and SSI, a program designed for disabled and low-income older Americans.