Social Security Administration reveals 2025 COLA increase

The Street

TheStreet’s Remy Blaire brings you the biggest news of the day, including what investors are watching and how much more retirees will be getting come 2025.

Transcript

00:00I'm Remy Blair reporting from the New York Stock Exchange.

00:03Here's what we're watching today on the street.

00:05Wall Street cooled off on Thursday just one day

00:08after the Dow and S&P 500 set new record highs.

00:11Persistent inflation and a weakening labor report

00:14contributed to the drop-off.

00:16Investors are now looking ahead to the September

00:19Producer Price Index report slated for Friday.

00:22And investors will also get earnings reports

00:24from several big banks including J.P.

00:26Morgan Chase and Wells Fargo.

00:28In other news, the Social Security Administration

00:31has unveiled its 2025 Cost of Living Adjustment, or COLA.

00:35The 2025 COLA will increase by 2.5%,

00:38the smallest annual hike since 2021.

00:42That 2.5% translates to about $50 per month,

00:45bringing the average monthly benefit for retirees

00:48up to $1,976 a month.

00:52Married couples who both collect Social Security benefits

00:55will see their payments rise by about $75 a month.

00:59The new benefits will kick in starting in January 2025.

01:03Despite the increase, many retirees feel it's not enough

01:06to keep up with the effects of inflation

01:08despite cooling prices.

01:10The CEO of AARP agreed, saying in a statement, quote,

01:14there is more we must do to ensure older Americans

01:17can continue to count on Social Security.

01:20AARP continues to call on Congress

01:22to take bipartisan action to strengthen Social Security

01:26and secure a long-term solution that Americans can rely on.

01:30More than 72 million Americans

01:31currently receive Social Security benefits.

01:34That'll do it for your daily briefing

01:36from the New York Stock Exchange.

01:37I'm Remy Blair with The Street.

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