The Social Security Administration what the 2025 COLA increase will look like for more than 72 million Americans who receive benefits.
Transcript:
Remy Blaire: Wall Street cooled off on Thursday, just one day after the Dow and S&P 500 set new record highs. Persistent inflation and a weakening labor report contributed to the drop off. Investors are now looking ahead to the September Producer Price index report slated for Friday. And investors will receive earnings reports from several big banks - including JPMorgan Chase and Wells Fargo.
In other news - the Social Security Administration has unveiled its 2025 cost of living adjustment - or COLA. The 2025 COLA will increase by 2.5%, the smallest annual hike since 2021.
That 2.5% translates to about $50 per month, bringing the average monthly benefit for retirees up to $1,976 a month. Married couples who both collect Social Security benefits will see their payments rise by about $75 a month. The new benefits will kick in starting in January 2025.
Despite the increase, many retirees feel it’s not enough to keep up with the effects of inflation - despite cooling prices. The CEO of AARP agreed saying in a statement “There is more we must do to ensure older Americans can continue to count on Social Security. AARP continues to call on Congress to take bipartisan action to strengthen Social Security and secure a long-term solution that Americans can rely on.”
More than 72 million Americans currently receive Social Security benefits.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Remy Blaire with TheStreet.
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