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Come Oct. 10, the Social Security Administration should be in a position to officially to finalize a 2025 COLA. It should also be able to announce other key changes to the program for 2025, including:
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. ...
Increasing the Social Security payroll tax: This is the tax all workers pay on their income up to an inflation-adjusted ceiling ($168,600 in 2024). This meant workers took home less money each year.
Image source: Getty Images. 1. Social Security's 2025 cost-of-living adjustment (COLA) For months, there's been speculation about next year's Social Security COLA.
The Social Security COLA is an annual adjustment in benefits intended to help prevent the erosion of the buying power of those benefits due to inflation. Because of inflation, $100 in benefits ...
Some Social Security beneficiaries might be disappointed by the amount of their increase. The 2025 COLA of 2.5% is lower than the 3.4% received this year and well below the 8.7% received in 2023.
But since then, inflation has pushed well above 8%, meaning Social Security recipients today are actually losing money. The new bill aims to ease the financial strain by boosting each recipient ...
“A high COLA will be eagerly anticipated to address an ongoing shortfall in benefits that Social Security beneficiaries are experiencing in 2022 because inflation is higher than their 5.9% COLA ...