The Social Security Administration announced a 2 percent cost-of-living increase to benefits on Friday.

The cost-of-living allowance adjustment will average out to $25 a month for most recipients, according to an Associated Press report. The more than 70 million U.S. citizens who receive Social Security benefits would be affected.

Rep. John Larson (D-Conn.) said the adjustment is "good news for seniors, however more must be done," adding that many seniors who rely on the program are facing rising costs on necessities.

Beginning in 1975, Congress authorized annual cost-of-living increases for beneficiaries, which is based on a consumer price index published by the Bureau of Labor Statistics.

The latest increase comes after the Consumer Price Index for Urban Wage Earners and Clerical Workers reported a 1.2 increase in cost of food, on top of a 1.7 percent increase in medical care since last year.