Millions of Social Security beneficiaries in the United States will receive a 2.5% increase in their monthly checks starting in January 2025, the government reported.
The Social Security Administration said that this adjustment is determined by the cost of living, and in this case, it is driven by moderate inflation.
The benefit will result in an average increase of more than $50 per month for retirees.
The adjustment will benefit around 72.5 million people, including retirees, disabled individuals, and children who receive Social Security benefits.
Commissioner Martin O'Malley emphasized that this increase "will help millions keep up with their expenses, even as inflation has begun to decrease."
However, many retirees have expressed their concern that this increase will not be enough to cover the rise in the cost of living.
Sherri Myers, an 82-year-old retiree from Pensacola, Florida, told Univisión that even with the increase, she struggles to make ends meet and plans to look for a part-time job. "I would like to eat well, but I can't. Even McDonald's is expensive," Myers said.
Social Security beneficiaries have already received a 3.2% increase in 2024, following a historic adjustment of 8.7% in 2023, driven by unprecedented inflation.
The smallest increase for 2025 reflects the decrease in inflation.
The Social Security Administration will begin notifying the new benefit amounts in early December.
Adjusted payments will also begin to be issued to the 7.5 million people receiving Supplemental Security Income starting December 31.
The Social Security program is funded through payroll taxes, and for 2025, the maximum amount of earnings subject to taxation will be $176,100, an increase from $168,600 in 2024.
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