The cost-of-living adjustment, or COLA, was announced on Thursday. Here’s what to know.
Social Security recipients will receive a 2.5% increase in their monthly checks in 2025.The cost-of-living adjustment, or COLA, was announced on Thursday. Analysts had predicted a 2.5% bump for 2025, which is smaller than increases in the previous two years and reflects moderating inflation.Recipients received a 3.2% increase in their benefits in 2024, after a historically large 8.7% benefit increase in 2023, brought on by record 40-year-high inflation.About 70.
If the trust fund is depleted, the government will be able to pay only 83% of scheduled benefits, the report said.The program is financed by payroll taxes collected from workers and their employers. The maximum amount of earnings subject to Social Security payroll taxes was $168,600 for 2024, up from $160,200 in 2023. Analysts estimate that the maximum amount will go up to $174,900 in 2025.
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