Social Security payments for more than 70 million Americans will increase in 2025 to account for a rising cost of living, the administration said. 

Payments will increase approximately 2.5% next year, amounting to about a $50 increase starting in January. 

The SSA said that over the last decade, the average cost of living adjustment has been 2.6%. For 2024, the COLA was 3.2%, well above average, but the increase for 2025 will be slightly below it. 

“Social Security benefits and SSI payments will increase in 2025, helping tens of millions of people keep up with expenses even as inflation has started to cool,” said Martin O’Malley, Commissioner of Social Security.

More information about the SSA and the increase can be found at the administration's website here.