The federal government announced on October 10, 2024, that the Social Security Cost of Living Adjustment (COLA) for 2025 will be 2.5%, slightly lower than the 3.2% increase for 2024. This increase will provide an additional $50 per month for the average retiree.
Social Security recipients will receive a notice in the mail in early December showing their new benefit amount. Recipients will see an increase in their January 2025 payment. Those receiving SSI will see the increase on December 31, 2024.
Owners and managers of properties required to determine residents’ incomes should use the new COLA SS rate when projecting applicants’ and residents’ incomes. This also affects individuals receiving SSI, VA pensions, Civil Service pensions, and Railroad retirement.