Social Security Benefits Set for 2025 Increase

In 2025, Social Security beneficiaries will see a 2.5% cost-of-living adjustment (COLA), with average monthly benefits rising for retirees, survivors, and Supplemental Security Income (SSI) recipients. Over 72.5 million Americans will be affected, receiving the adjustment in January 2025, while SSI recipients will get an additional check in November 2024 due to a calendar anomaly. Concurrently, the House of Representatives has passed the bipartisan Social Security Fairness Act aimed at repealing the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), which previously reduced benefits for those with non-covered pensions. If the Senate approves and the President signs the bill, it would allow affected workers to receive full Social Security benefits. Critics express concerns about the financial sustainability of the Social Security fund amidst these changes. Overall, these developments signify ongoing efforts to support retirees while balancing fiscal responsibilities.