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Higher Social Security payments coming for millions of people from bill that Biden signed


Published on 2025-01-05 20:40:40 - MSN
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  • President Joe Biden on Sunday signed into law a measure that boosts Social Security payments for current and former public employees, affecting nearly 3 million people who receive pensions from their time as teachers,

President Joe Biden signed a bill into law that will provide a significant boost to Social Security payments for millions of Americans. This legislation, which was part of a broader spending package, includes a 3.2% cost-of-living adjustment (COLA) for Social Security beneficiaries starting in January 2024. This increase aims to help retirees and other beneficiaries keep up with inflation. Additionally, the bill ensures that there will be no reduction in benefits for those who receive both Social Security and Supplemental Security Income (SSI). The adjustment will affect approximately 71 million Americans, providing an average increase of about $50 per month for retirees, although the exact amount varies based on individual circumstances. This move is part of Biden's broader economic strategy to support the financial well-being of seniors and people with disabilities.

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