Americans who depend on Social Security will get more money in 2025, but not as much of an increase as last year.
The Social Security Administration announced on Thursday that the cost of living adjustment (COLA) will be a 2.5% increase next year, or just under average.
In 2024, the COLA increase was 3.2%, but the average over the past decade was 2.6%.
The administration will add the increase to January Social Security payments while those who receive Supplemental Security Income (SSI) will see their benefits increase on Dec. 31, 2024.
Social Security recipients will receive letters in the mail in December explaining the new benefit amount. They will also get a simplified COLA notice that will be a single page that explains when and how much each payment will be.
For more information visit the administration’s COLA webpage.
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