The Social Security Administration (SSA) announced a 2.5% Cost-of-living Adjustment (COLA) for 2025 in an October 10 press release, increasing Social Security and Supplemental Security Income (SSI) payments for over 72 million Americans. Based on inflation data, the SSA announces COLA hikes every year in October to help Social Security recipients fight inflationary pressures and rising living costs.
The SSA projected that COLA for 2025 will increase Social Security checks for retirees by an average of nearly $50 monthly to $1,976, effective January 2025. Elsewhere, over 7 million receiving SSI checks will see bigger payments starting New Year's Eve. "Social Security benefits and SSI payments will increase in 2025, helping tens of millions of people keep up with expenses even as inflation has started to cool," stated Social Security Commissioner Martin O'Malley in the press release.
