Social Security (retirement and survivors) recipients will now see a 2.5% increase in their next check and throughout the year. The COLA increase also extends to Supplemental Security Income and Social Security Disability insurance recipients.

Technically speaking, this is the 2024 COLA, as it goes into effect in December 2024. However, because Social Security is paid a month in arrears, this increase will be reflected in the payment that beneficiaries receive in January. For this reason, it is often referred to as the 2025 COLA.