The Social Security Fairness Act was signed into law on January 5, 2025, by President Biden.
In his final days in office, the former U.S. President signed the Social Security Fairness Act, effective January 2025, bringing significant changes to benefits for American seniors. A key adjustment was a 2.5% cost-of-living adjustment (COLA), boosting the average monthly benefit from $1,927 in December 2024 to $1,976 in January 2025, an increase of $49. This move aimed to support millions of retirees, though the full impact on funding and eligibility remains under scrutiny.
Reports highlight this as a financial relief measure, but critics question whether the modest COLA adequately addresses rising living costs, suggesting potential long-term strain on Social Security reserves.
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