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Social Security benefits are adjusted each year based on inflation through a cost-of-living adjustment (COLA). In 2024, there was a 3.2% increase, according to the Social Security Administration ...
The Social Security Administration can't calculate the official 2025 COLA until the Labor Department publishes the Consumer Price Index data for September. That will happen on Thursday, Oct. 10 ...
But these groups are expected to live quite a bit longer than that, and so should prefer to file at age 70 and take more money over their lifetime. Yet, according to Social Security data, in 2021 ...
Those statistics suggest that more than half of 62-year-old males will maximize their lifetime benefits by claiming Social Security at age 70. Similarly, the probability is 77% that a 62-year-old ...
Because of this, 2025's actual Social Security COLA could end up coming in higher or lower than 2.57%. And it's too soon to get too hung up on that number. Only once the Social Security ...
Assuming a birth year of 1960 or later, that person would receive about $1,429 per month if they claimed Social Security at age 62 (i.e., 70% multiplied by $2,042). But the same individual would ...
The report also revealed that in order to maintain the same buying power as in 2000, current beneficiaries would need an extra $516.70 per month. For context, the average retired worker collects ...
As such, seniors should currently expect a 2.5% to 2.6% COLA for 2025. That's well short of the last few years of cost-of-living adjustments. Seniors received a 3.2% bump in their monthly checks ...