The 2.5% raise in Social Security benefits aims to assist tens of millions of older Americans facing rising costs of food, fuel, and services.
Social Security recipients are to receive a 2.5% increase this January, with an average monthly boost of $50, a concern for some retirees.
About 72.5 million individuals benefit from Social Security, which is funded by payroll taxes from current workers, while unused funds support the trust.
The Social Security Administration will notify recipients of their adjusted benefit amounts starting in early December, with shifts affecting nearly 7.5 million on Supplemental Security Income.
#social-security #cost-of-living-adjustment #elderly-benefits #supplemental-security-income #retirement
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