Tens of millions of Americans who receive Social Security payments will see their monthly checks increase by a modest amount, according to the Social Security Administration (SSA).
The SSA, which manages the payments, said on Oct. 10 that the latest cost-of-living adjustment (COLA) will be 2.5 percent of Social Security and Supplemental Security Income benefits.
How Much on Average?
Those benefits will be doled out starting in January 2025, the agency said.
With the adjustment, retirees should see their benefits increase by about $50 per month on average, according to the agency.
“This year, for the first time, Social Security beneficiaries will receive a newly designed and improved COLA notice that makes it easier for customers to find the information they need most,” the agency said in a news release, adding that it uses “plain and personalized language” and will give the exact dates and dollar amounts….