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Data source: Social Security Administration. Table by author. You might have noticed the amount of the COLA was 0% in three years: 2009, 2010, and 2015.
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. Before ...
Between 1975 and 2023, Social Security's COLAs averaged 3.8%. Of course, that's just the average. There were some years with 0% increases (most recently, 2015) and some with double-digit increases ...
As of January, the average monthly retirement benefit for retired workers was just $1,979 -- only around $23,750 per year. If you boost that by 2.5%, it only becomes $2,028.48, or roughly $24,340 ...
Unfortunately, there have been a few years without an increase in the CPI-W, so there hasn’t been a cost-of-living increase in COLA for Social Security benefits. Since 1975, this has only ...
In recent years, Social Security's COLAs have been notably generous. This year's 3.2% COLA was above average over the past decade, and 2023's 8.7% COLA was a record-breaker.
Ever since automatic COLAs started in the mid-1970s, Social Security benefits have increased most years. But that doesn't mean seniors have benefitted from COLAs as much as they should.
How Social Security COLAs are determined The purpose of Social Security COLAs is to help ensure that beneficiaries don't lose buying power from year to year as inflation drives prices upward. For ...
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