The Social Security Administration (SSA) just announced a 2.5% increase in Social Security benefits and Supplemental Security Income (SSI) payments for more than 72.5 million Americans, set to take effect in January 2025. While an increase is greatly needed, many recipients are left wondering if they will ever receive a COLA that actually keeps up with the rising cost of living.
On average, Social Security retirement benefits will see a boost of around $50 per month beginning in January. However, for those grappling with inflation and skyrocketing expenses, this increase feels minimal. Social Security benefits have historically struggled to meet the financial needs of retirees, and in recent years, the gap between benefits and living costs has only widened.
While 2.5% might offer some relief, it falls short of addressing the larger issue: the growing disconnect between benefits and the actual cost of everyday life. Many see this increase as insufficient, even insulting, given the financial challenges millions of Americans face daily. The rising costs of healthcare, housing, and essentials mean that this modest bump in benefits will do little to ease the burden for those most in need.
American seniors need and deserve more in their retirement benefits. That’s why we believe it’s vitally important for Congress to pass a bill we call the Elder Relief Act. This would offer a real and significant increase for retirees over age 82. Learn more about this proposed legislation here.
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