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SOCIAL SECURITY

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COST-OF-LIVING ADJUSTMENT (COLA) INFORMATION (EN ESPAÑOL)


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   * News Release - Social Security Announces 2.5 Percent Benefit Increase for
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   * Cost-of-Living Adjustments (Publication)
   * The Story of COLAs
   * Actuarial resources
   * Effect of COLA on Social Security Benefits


COST-OF-LIVING ADJUSTMENT (COLA) INFORMATION FOR 2025

Social Security and Supplemental Security Income (SSI) benefits for more than
72.5 million Americans will increase 2.5 percent in 2025.

The 2.5 percent cost-of-living adjustment (COLA) will begin with benefits
payable to nearly 68 million Social Security beneficiaries in January 2025.
Increased payments to nearly 7.5 million SSI recipients will begin on December
31, 2024. (Note: some people receive both Social Security and SSI benefits)

Read more about the Social Security Cost-of-Living adjustment for 2025.

The maximum amount of earnings subject to the Social Security tax (taxable
maximum) will increase to $176,100.

The earnings limit for workers who are younger than "full" retirement age (see
Full Retirement Age Chart) will increase to $23,400. (We deduct $1 from benefits
for each $2 earned over $23,400.)

The earnings limit for people reaching their “full” retirement age in 2025 will
increase to $62,160. (We deduct $1 from benefits for each $3 earned over $62,160
until the month the worker turns “full” retirement age.)

There is no limit on earnings for workers who are "full" retirement age or older
for the entire year.

Read more about the COLA, tax, benefit and earning amounts for 2025.

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YOUR COLA NOTICE

In December 2024, Social Security COLA notices will be available online to most
beneficiaries in the Message Center of their my Social Security account.

This year, for the first time, most Social Security beneficiaries will receive a
newly designed and improved COLA notice that makes it easier for customers to
find the information they need most. The simplified COLA notice is now only one
page, uses plain and personalized language, and provides exact dates and dollar
amounts of a person’s new benefit amount and any deductions.

This is a secure, convenient way to receive COLA notices online and save the
message for later. You can also choose to receive available notices online
instead of by mail when you sign in or create a my Social Security account. Be
sure to choose how you want us to let you know when your COLA notice is ready to
view in your Message Center: email only, text message only, or both text message
and email.

Remember, our services are free of charge. No government agency or reputable
company will solicit your personal information or request advanced fees for
services in the form of wire transfers or gift cards. Avoid falling victim to
fraudulent calls and internet “phishing” schemes by not revealing personal
information, selecting malicious links, or opening malicious attachments. You
can learn more about the ways we protect your personal information and my Social
Security account here.

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YEARLY REMINDERS FOR COLA NOTICE RECIPIENTS

If You Receive A Pension From Employment Not Covered By Social Security

Please let us know right away if you start receiving a retirement or disability
pension for work in which you did not pay Social Security taxes. If you receive
spouse’s or surviving spouse’s benefits, you must also report any changes to the
pension you already receive.

Life Changes May Affect Your Benefits

Certain life changes may affect your eligibility for benefits. It is important
to tell us if you marry, divorce, or your spouse or ex-spouse dies. If you have
a child or stepchild who gets benefits on your record and no longer lives with
you, please let us know. Visit www.ssa.gov/potentialentitlement to find out
more.

Suspect Social Security Fraud?

If you suspect Social Security fraud, please visit https://oig.ssa.gov/report or
call the Inspector General’s Fraud Hotline at 1-800-269-0271 (TTY
1-866-501-2101).

Help Prevent Identity Theft

Be aware of scams through the mail, internet, telephone, or in person. You
should be careful when someone asks for personal information like your Social
Security number. Please visit www.usa.gov/identity-theft to find out more.

Additional important reminders if you receive retirement or survivor benefits

If you still get a paper check, you must visit the Department of the Treasury’s
website at www.godirect.gov to request electronic payments.

Working And Getting Social Security At The Same Time

You can work and still get Social Security benefits. If you are at full
retirement age or older, you may keep all of your benefits no matter how much
you earn. Please visit www.ssa.gov/benefits/retirement/planner/ageincrease.html
to determine your full retirement age using our Retirement Age Calculator.

If you are younger than full retirement age at any time in 2025, there is a
limit to how much you can earn before we reduce your benefits. If you are
working or planning to work, we usually ask you to estimate your earnings for
the year. If you do not report your estimated earnings and get paid too much,
you may have to repay benefits received.

 * The 2025 earnings limit for people under full retirement age all year is
   $23,400. We deduct $1 from your benefits in 2025 for each $2 you earn over
   $23,400.
 * The 2025 earnings limit for people reaching full retirement age is $62,160.
   We deduct $1 from your benefits in 2025 for each $3 you earn over $62,160
   until the month you reach full retirement age.

Medicare Information
 * To learn about Medicare eligibility or to apply, visit www.ssa.gov/medicare
   or call Social Security at 1-800-772-1213 (TTY 1-800-325-0778).
 * If you do not sign up for Medicare Part B (Medical Insurance) when you are
   first eligible, or if you cancel Part B and then get it later, you may have
   to pay a late enrollment penalty for as long as you have Part B.
 * You can choose how you get your Medicare coverage - Original Medicare and
   Medicare Advantage. Visit www.medicare.gov for more information.
 * For questions about Medicare coverage and billing, visit www.medicare.gov or
   call 1-800-MEDICARE (1-800-633-4227) (TTY 1-877-486-2048).
 * Starting January 1, 2024, the Inflation Reduction Act will expand the Extra
   Help Program. New Extra Help income and resource limits will help people with
   Medicare qualify for more prescription drug savings. To get Extra Help, apply
   online at www.ssa.gov/medicare/part-d-extra-help or call Social Security at
   1-800-772-1213 (TTY 1-800-325-0778).
 * The Medicare Savings Programs may help pay for Medicare premiums and other
   out-of-pocket costs for people with limited income and resources. You can
   start the application process when you apply for Extra Help or you can
   contact your state or local medical assistance (Medicaid) office. Visit
   www.medicare.gov/medicare-savings-programs to get information on how to
   contact your state.

Need Health Insurance Or Know Someone Who Does?

Visit www.healthcare.gov or call 1-800-318-2596 (TTY 1-855-889-4325) to learn
more.

Other Help For Older Adults and People with Disabilities

The Administration for Community Living offers older adults and people with
disabilities a way to connect to a variety of community services and resources.

For Older Adults: Eldercare Locator at 1-800-677-1116 or eldercare.acl.gov

For People with Disabilities: Disability Information and Access Line (DIAL) at
1-888-677-1199 or www.acl.gov/DIAL

Additional important reminders if you receive disability benefits

If you still get a paper check, you must visit the Department of the Treasury’s
website at www.godirect.gov to request electronic payments.

If You Work Or Want To Return To Work

We have a free and voluntary program called Ticket to Work that helps people who
get disability benefits go to work. If you participate in this program, we may
set aside review of your medical condition. Special rules may allow you to keep
your Medicare or Medicaid and some or all of your disability benefits during
your transition to work.

Over time, you can replace your benefit payments with earnings from work. Please
visit www.choosework.ssa.gov to find service providers who will explain how work
will affect your benefits and help you find, prepare for, and keep a job. For
more information, contact the Ticket to Work Help Line at 1-866-968-7842 (TTY
1-866-833-2967).

If you receive disability benefits, you must call us right away at
1-800-772-1213 (TTY 1-800-325-0778) and tell us if you start or return to work.
When you get Supplemental Security Income, you must also tell us each month if
there are changes in the amount of your earnings. If you do not report your
earnings and get paid too much, you may have to repay benefits received. When
you report your earnings, we will give you a receipt to verify your report. Keep
this receipt with your other important papers from us. To learn more, visit
www.ssa.gov/pubs/EN-05-10095.pdf and read Working While Disabled: How We Can
Help (Publication No. 05-10095). For information on employment support programs,
visit www.ssa.gov/redbook and read The Red Book - A Guide to Work Incentives and
Employment Supports for People Who Have a Disability Under the Social Security
Disability Insurance (SSDI) and Supplemental Security Income (SSI) Programs
(Publication No. 64-030).

Easy Ways To Report Wages

You may be able to report wages using the “myWageReport” tool. This tool lets
you report wages securely online using a computer, tablet, or smartphone through
your my Social Security account. Go to www.ssa.gov/myaccount to sign in or
create your account.

To find out if you can use our automated service, please contact us.

If You Receive Workers’ Compensation Or Public Disability Benefits

Please let us know right away about any changes to your workers’ compensation or
public disability benefit payments or lump sum awards. You must also report any
new payments you receive.

Medicare Information
 * To learn about Medicare eligibility or to apply, visit www.ssa.gov/medicare
   or call Social Security at 1-800-772-1213 (TTY 1-800-325-0778).
 * If you do not sign up for Medicare Part B (Medical Insurance) when you are
   first eligible, or if you cancel Part B and then get it later, you may have
   to pay a late enrollment penalty for as long as you have Part B.
 * You can choose how you get your Medicare coverage - Original Medicare and
   Medicare Advantage. Visit www.medicare.gov for more information.
 * For questions about Medicare coverage and billing, visit www.medicare.gov or
   call 1-800-MEDICARE (1-800-633-4227) (TTY 1-877-486-2048).
 * Starting January 1, 2024, the Inflation Reduction Act will expand the Extra
   Help Program. New Extra Help income and resource limits will help people with
   Medicare qualify for more prescription drug savings. To get Extra Help, apply
   online at www.ssa.gov/medicare/part-d-extra-help or call Social Security at
   1-800-772-1213 (TTY 1-800-325-0778).
 * The Medicare Savings Programs may help pay for Medicare premiums and other
   out-of-pocket costs for people with limited income and resources. You can
   start the application process when you apply for Extra Help or you can
   contact your state or local medical assistance (Medicaid) office. Visit
   www.medicare.gov/medicare-savings-programs to get information on how to
   contact your state.

Need Health Insurance Or Know Someone Who Does?

Visit www.healthcare.gov or call 1-800-318-2596 (TTY 1-855-889-4325) to learn
more.

Other Help For Older Adults and People with Disabilities

The Administration for Community Living offers older adults and people with
disabilities a way to connect to a variety of community services and resources.

For Older Adults: Eldercare Locator at 1-800-677-1116 or eldercare.acl.gov

For People with Disabilities: Disability Information and Access Line (DIAL) at
1-800-677-1199 or www.acl.gov/DIAL

Additional important reminders if you reside outside of the United States

If you reside outside the U.S., you may be able to get your benefit payments
electronically. Visit the Department of the Treasury’s website at
www.godirect.gov for more information.

If You Move

Please let us know your correct address so we can continue to send you important
Social Security information.

If You Work In 2025

If you are full retirement age or older for all of 2025, you may keep all of
your benefits no matter how much you earn.

If you are younger than full retirement age at any time in 2025, and you are
working outside the United States, you must tell us. Your work may affect your
benefits.

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MEDICARE INFORMATION

Information about Medicare changes for 2025 will be available at
www.medicare.gov or by calling 1-800-MEDICARE (1-800-633-4227) (TTY
1-877-486-2048). For Social Security beneficiaries receiving Medicare, their new
2025 benefit amount will be available in December through the mailed COLA notice
and my Social Security’s Message Center.

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HISTORY OF AUTOMATIC COST-OF-LIVING ADJUSTMENTS

The purpose of the COLA is to ensure that the purchasing power of Social
Security and Supplemental Security Income (SSI) benefits is not eroded by
inflation. It is based on the percentage increase in the Consumer Price Index
for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of
the last year a COLA was determined to the third quarter of the current year. If
there is no increase, there can be no COLA.

The CPI-W is determined by the Bureau of Labor Statistics in the Department of
Labor. By law, it is the official measure used by the Social Security
Administration to calculate COLAs.

Congress enacted the COLA provision as part of the 1972 Social Security
Amendments, and automatic annual COLAs began in 1975. Before that, benefits were
increased only when Congress enacted special legislation.

Beginning in 1975, Social Security started automatic annual cost-of-living
allowances. The change was enacted by legislation that ties COLAs to the annual
increase in the Consumer Price Index (CPI-W).

The change means that inflation no longer drains value from Social Security
benefits.

 * The 2025 COLA
 * The 2024 COLA
 * The 2023 COLA
 * The 2022 COLA
 * The 2021 COLA
 * The 2020 COLA

The 1975-82 COLAs were effective with Social Security benefits payable for June
(received by beneficiaries in July) in each of those years. After 1982, COLAs
have been effective with benefits payable for December (received by
beneficiaries in January).

AUTOMATIC COST-OF-LIVING ADJUSTMENTS RECEIVED SINCE 1975

 * July 1975 -- 8.0%
 * July 1976 -- 6.4%
 * July 1977 -- 5.9%
 * July 1978 -- 6.5%
 * July 1979 -- 9.9%
 * July 1980 -- 14.3%
 * July 1981 -- 11.2%
 * July 1982 -- 7.4%
 * January 1984 -- 3.5%
 * January 1985 -- 3.5%
 * January 1986 -- 3.1%
 * January 1987 -- 1.3%
 * January 1988 -- 4.2%
 * January 1989 -- 4.0%
 * January 1990 -- 4.7%
 * January 1991 -- 5.4%
 * January 1992 -- 3.7%
 * January 1993 -- 3.0%
 * January 1994 -- 2.6%
 * January 1995 -- 2.8%
 * January 1996 -- 2.6%
 * January 1997 -- 2.9%
 * January 1998 -- 2.1%
 * January 1999 -- 1.3%
 * January 2000 -- 2.5% (1)
 * January 2001 -- 3.5%
 * January 2002 -- 2.6%
 * January 2003 -- 1.4%
 * January 2004 -- 2.1%
 * January 2005 -- 2.7%
 * January 2006 -- 4.1%
 * January 2007 -- 3.3%
 * January 2008 -- 2.3%
 * January 2009 -- 5.8%
 * January 2010 -- 0.0%
 * January 2011 -- 0.0%
 * January 2012 -- 3.6%
 * January 2013 -- 1.7%
 * January 2014 -- 1.5%
 * January 2015 -- 1.7%
 * January 2016 -- 0.0%
 * January 2017 -- 0.3%
 * January 2018 -- 2.0%
 * January 2019 -- 2.8%
 * January 2020 -- 1.6%
 * January 2021 -- 1.3%
 * January 2022 -- 5.9%
 * January 2023 -- 8.7%
 * January 2024 -- 3.2%
 * January 2025 -- 2.5%

(1) The COLA for December 1999 was originally determined as 2.4 percent based on
CPIs published by the Bureau of Labor Statistics. Pursuant to Public Law
106-554, however, this COLA is effectively now 2.5 percent.
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