Thu Oct 24 20:20:00 UTC 2024: Key points from the news article:
1. **Double Payments in November**: Due to a calendar quirk, some Americans will receive two Social Security payments in November, with Supplemental Security Income (SSI) checks scheduled for November 1 and November 29. This is because the December payment date falls on a Sunday.
2. **SSI Recipients**: Approximately 7.4 million Americans collect SSI benefits. The double payment is not extra money but an early disbursement for December.
3. **Cost-of-Living Adjustment (COLA)**: The Social Security Administration (SSA) announced a 2.5% COLA for 2025, the smallest adjustment since 2021. This will raise average benefits by about $50 per month starting in January.
4. **Inflation Impact**: The 2025 COLA is lower than the 3.2% adjustment in 2024 but aligns with historical averages. Inflation has moderated, which contributed to the reduced adjustment.
5. **AARP Statement**: AARP CEO Jo Ann Jenkins noted that while the COLA provides some relief for older Americans facing rising costs, many may still struggle with expenses.
6. **Historical Context**: Beneficiaries had received an 8.7% increase in 2023, the largest in decades, due to high inflation in prior years.
Overall, the article discusses the upcoming changes in Social Security payments and the impact of these financial adjustments on beneficiaries amidst fluctuating inflation rates.
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