By Fatima Hussein | The Associated PressSherri Myers, an 82-year-old resident of Pensacola City, Florida, says the Social Security cost-of-living increase she’ll receive in January “won’t make a dent” in helping her meet her day-to-day expenses. About 70.6 million Social Security recipients are expected to receive a smaller cost of living increase for 2025 than in recent years, as inflation has moderated. The Social Security Administration makes the official COLA announcement Thursday, and analysts predicted in advance it would be 2.5% for 2025. The maximum amount of earnings subject to Social Security payroll taxes was $168,600 for 2024, up from $160,200 in 2023. The Republican Study Committee’s Fiscal Year 2025 plan has proposed cutting Social Security costs by raising the retirement age and reducing the annual COLA.

Source: Ethiopian News October 10, 2024 05:40 UTC