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The Social Security Administration said on Thursday that millions of recipients of Social Security will start receiving a 2.5% cost-of-living adjustment to their monthly checks in January. According to agency officials, retirees receive an average monthly increase of more than $50 from the cost-of-living adjustment or COLA. A little over 72.5 million people get Social Security benefits, including children, disabled individuals, and retirees. Starting in early December, the organization will start informing beneficiaries by notice of their adjusted benefit amount. On December 31, about 7.5 million recipients of Supplemental Security Income will start receiving adjusted benefits.
Written by: Hope Calahan
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