How Much Is the Cost-of-Living Adjustment (COLA) Increase?
Starting in 2025, Social Security benefits and Supplemental Security Income (SSI) payments will rise by 2.5%. This adjustment impacts over 72.5 million Americans and reflects the annual cost-of-living adjustment (COLA). The COLA is required by law and ensures that your benefits keep pace with inflation, which is measured by the Department of Labor’s Consumer Price Index for Urban Wage Earners and Clerical Workers. This increase helps safeguard your purchasing power as the cost of living rises.
When Does the COLA Increase Take Effect?
The 2.5% increase will be applied to Social Security benefits starting in January 2025. If you’re receiving SSI, expect your increased payments to start with the December 31, 2024 payment.
When Will You Receive Your Notice?
COLA notices will be mailed throughout December 2024. It’s common for one person to receive theirs earlier than another, so if you haven’t gotten yours yet, give it a little time. We recommend waiting until January to contact us about your mailed notice. If you can’t wait, there’s another option – most beneficiaries can access their COLA notice online through their my Social Security account starting in early December. This is a secure and fast way to find out what your new benefit amount will be without waiting for the mail.
Who Can See Their COLA Notice Online?
If you have a personal my Social Security account set up by November 20, 2024, you’ll be able to view your COLA notice online. You can find it in the Message Center of your account. Our online services are designed to make things more convenient for you – from viewing your COLA notice to accessing your 1099 tax form. You can also set up preferences to get email or text alerts when your notices are ready.
Additionally, many forms related to overpayments or disability applications are available online, saving you time and hassle. Gone are the days of needing to mail or fax documents or make a trip to your local Social Security office. You can submit documents electronically through your my Social Security account, speeding up the process and making it easier for you to manage your benefits from the comfort of your home.
Empower Yourself with SSA Online Tools
With a my Social Security account, you’re in control. You can manage your benefits, stay informed about changes, and make sure you’re getting the most out of your Social Security. Take advantage of the tools available and make managing your benefits easier than ever.
For more information about COLA 2025
and how it might affect you, refer to the following resources from SSA.gov:
