On October 10, 2024, the Social Security Administration announced that Americans will increase a 2.5 percent cost of living increase in 2025. A fact sheet linked to the preset release shows that the monthly SSI rate for an individual will increase from $943 to $967.
This COLA means the following (estimates) should apply beginning January 1, 2025:
Other than the SSI rate increase, these numbers are estimates. The Centers for Medicare and Medicaid Services usually published their official rate increases in mid-November. Social Security’s COLA is based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2023 through the third quarter of 2024.
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