WASHINGTON— Millions of Social Security beneficiaries will receive a 2.5% increase in the cost of living in their checks monthly starting in January, the Social Security Administration announced Thursday.
The cost of living adjustment for retired It translates to an average increase of more than $50 a month for retirees, agency officials said.
Some 72.5 million people, including retirees, disabled people and children, receive Social Security benefits.
But even before the announcement, retirees expressed concern that the increase would not be enough to offset rising costs.
Sherri Myers, an 82-year-old retiree from Pensacola, Florida, now hopes to get an hourly job at Walmart to make ends meet.
“I would like to eat well, but I can’t. When I’m at the supermarket, I pass by the vegetables because they are too expensive. “I have to be very selective about what I eat, even McDonald’s is expensive,” she said.
Recipients will receive a 3.2% increase in their benefits in 2024, following a historic 8.7% increase in 2023, due to a 40-year record inflation. The smaller increase for 2025 reflects the moderation of inflation.
Social Security Commissioner Martin O’Malley said the upcoming increase will come as a relief to beneficiaries as inflation has cooled and the agency serves a record number of retirees while funding is at rock bottom. historical.
His message to those who consider that the adjustment is not enough: “You are not wrong.”
“I’ve heard the stories and it’s a struggle for seniors,” he said, adding that “in their older years, they have to spend their money on a different set of costs and expenses, including prescription medications.”