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That might put a bit of damper on any celebration of the COLA announcement in a few days. But at least there's still baseball and Halloween to enjoy in October. The $ 22,924 Social Security bonus ...
Image source: Getty Images. Social Security benefits are increasing. The Social Security COLA that is about to go into effect will result in a 2.5% increase in everyone's Social Security benefits. ...
The Social Security Administration (SSA) will announce the annual COLA for 2025 on October 10. Don't Miss: The average American couple has saved this much money for retirement — How do you compare ?
In advance of the announcement, analysts predicted that the increase would be about 2.5% for 2025, smaller than increases the previous two years. Recipients received a 3.2% increase in their benefits in 2024, after a historically large 8.7% benefit increase in 2023, brought on by record 40-year-high inflation .
Updated October 11, 2024 at 7:26 PM Lane V. Erickson/Getty Images The Social Security Administration set its 2025 cost-of-living adjustment at 2.5%, the smallest annual COLA hike since 2021.
If the agency announces a 2.5% COLA increase for 2025, as forecast, the typical benefit check would rise by about $48 a month, for a total of $1,955 per payment. What is the VA benefits COLA ...
Data Source: Social Security Administration. Table by author. As you can see above, COLAs have cooled off since the elevated inflation of the late 1970s and early 1980s, meaning the 2.5% increase ...
This 2.49% increase was rounded up to become the 2.5% COLA in 2025. If the CPI-W data were reversed and this year's was lower, there wouldn't be a COLA in 2025. How does the 2025 COLA compare to ...