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After months of speculation, the Social Security Administration released the exact numbers for the 2023 cost-of-living adjustments (COLA) today. The 8.7% increase reflects the percentage of funds ...
So, the cumulative COLA in the last two years should have been 6.8%, but benefits only increased 5.8%. For context, the average retired worker received $1,905 per month in December 2023.
The lowest COLA in that timeframe was in 2016 at 0.0%, and the highest was in 2023, when COLA was a whopping 8.7%. The Social Security 2024 COLA increase was a lower 3.2%. Source: Social Security ...
With the projected 2.57% COLA, the average would rise to $1,965.89. In other words, the average retiree would get an additional $49.26 each month, or about $591 in additional retirement income per ...
Source: Social Security Administration. Chart by author. For some perspective, the average COLA since 1975 is 3.75%. The highest-ever COLA was 14.3% in 1980. In 2010, 2011, and 2016, there were no ...
“A COLA of 8.7% is extremely rare and would be the highest ever received by most Social Security beneficiaries alive today,” said Mary Johnson, the Senior Citizens League’s Social Security ...
COLA isn't really matching the reality for seniors. Here's why. ... This year’s adjustment is closer to the average COLA rate of 2.6% since 2000, and it may feel insufficient as prices for ...
Although inflation in the United States continued to fall in June -- hitting its lowest level in more than two years -- the latest Social Security cost-of-living adjustment (COLA) estimate for 2024...