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This wasn't just an arbitrary date I picked to calculate a long-term average. 1975 was the first year when Social Security COLAs were based on Consumer Price Index (CPI) inflation data.
The COLA for 2022 was 5.9%. The official 2024 cost-of-living adjustment is expected to be announced on Oct. 12 , when the September inflation numbers come out.
As expected, Social Security recipients will be getting a 3.2% cost-of-living adjustment (COLA) in 2024 -- the lowest COLA since 2021, and well below this year's 8.7% adjustment. The Social ...
Social Security beneficiaries can thank the soaring 2022 inflation rate for their bigger payments this year. A COLA of 3.0% would raise the current average monthly benefit of $1,787.00 by about ...
The most direct and obvious effect of the new COLA is the increase in monthly benefits. If your monthly Social Security benefit is $1,000 this year, it will be $1,025 starting in January 2025. If ...
The S&P 500 peaked for the year at 4,796 on its January 3, 2022 close, before declining 25% to its low for the year in October 2022. [11] [12] In the first 6 months of 2022, the S&P 500 fell 21%, the worst 6-month start to a year since 1970. [13] [14] On September 13, 2022, the S&P 500 declined by 4.32% in its largest single-day drop since June ...
2022. 5.9%. 2023. 8.7%. 2024. 3.2% ... A 2024 report from The Senior Citizens League revealed that Social Security has lost 20% of its purchasing power since 2010, and the average beneficiary ...
Unless the U.S. government's September 2023 inflation report drops some kind of unforeseen surprise, you can expect the 2024 Social Security cost-of-living adjustment (COLA) to be somewhere in the...