The agency will begin notifying recipients about their new benefit amount by mail starting in early December. 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.The cost-of-living adjustment, or COLA, for retirees translates to an average increase of more than $50 for retirees every month, agency officials said.About 72.5 million people, including retirees, disabled people and children, get Social Security benefit.Commissioner Martin O’Malley said the adjustment will help “tens of millions of people keep up with expenses even as inflation has started to cool.”But even before the announcement, retirees voiced concern that the increase would not be enough to counter rising costs.Sherri Myers, an 82-year-old retiree from Pensacola City, Florida, is now hoping to get an hourly job at Walmart to help make ends meet.“I would like to eat good but I can’t.
Comment on Social Security announces a 2.5% boost for recipients in 2025
Associated Press, Fast Company
Thu, 10/10/2024 - 11:19am
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