What the cost-of-living adjustment increase in Social Security means

(NewsNation) — More than 72 million Americans can expect to see a 2.5% cost-of-living adjustment increase in their Social Security and Supplemental Security monthly payments beginning in 2025, government officials have announced.

The cost-of-living adjustment (COLA) increase will affect 68 million Social Security beneficiaries and will begin in January, the Social Security Administration said. Meanwhile, the government agency said the 2.5% increase for 7.5 million SSI recipients will begin earlier, with the jump going into effect in December.

The maximum amount of earnings that is subject to Social Security tax will also increase to $176,100, officials said.

The full article is available at ozarksfirst.com.

(Story by Jeff Arnold, NewsNation, found at ozarksfirst.com)