WASHINGTON—The Social Security Administration announced Thursday that Millions of Social Security recipients will receive a 2.5 % cost-of-living increase in their monthly checks beginning in January.
The cost of living adjustment, or COLA, for retirees, translates to an average increase of more than $50 for retirees every month, agency officials said.
About 72.5 million people, including retirees, disabled people, and children, get Social Security benefits.
Social Security Commissioner Martin O’Malley told The Associated Press that the upcoming increase will provide a measure of relief for recipients as inflation has cooled and the agency serves a record number of retirees while funding is at a historic low.
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