Social Security Announces New Cost-of-Living Adjustment (COLA) Checks – What You Need to Know

This year’s COLA represents a 3.2% increase, which is lower than last year’s historic 8.7% rise. Over 70 million beneficiaries, including retirees, disabled individuals, and others who rely on Social Security, will experience changes in their monthly payments starting in January 2025.

Effective Date: The new COLA will be reflected in checks starting in January 2025.

Average Monthly Benefit: The average retired worker will see their monthly benefit increase by approximately $50, bringing the average benefit to $1,790.