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Social Security beneficiaries will get a 2.5 percent increase in their monthly payments next year, the Social Security Administration (SSA) announced Oct. 10. The 2025 cost-of-living adjustment (COLA) is the lowest since 2021, reflecting a continued cooling of inflation following a surge in consumer prices during the COVID-19 pandemic.
For 2025, the cost-of-living adjustment will be 2.5 percent, boosting the average Social Security retirement benefit by $49 a month starting in January, according to the Social Security Administration (SSA). The COLA is based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), an inflation measure tracked ...
The 2022 COLA of 5.9 percent increased the average retirement benefit by $92 a month. In 2021, payments grew by an average of $20 a month on the back of a 1.3 percent adjustment. A rise in Medicare Part B premiums in 2023 would offset a portion of the COLA increase for Social Security recipients who have Medicare premiums deducted directly from ...
The first automatic Social Security COLA was 8 percent in 1975. The 1975 COLA wasn’t the largest bump in Social Security history since automatic annual increases went into effect. That came in 1980, when benefits rose 14.3 percent; an 11.2 percent increase followed in 1981. The first two decades of the 21st century saw mostly modest COLAs ...
The COLA is based on how much the CPI-W, a federal gauge of inflation, changes in July, August and September from one year to the next. The final figure for 2025 will be announced in October. The 2024 COLA, derived from 2023 inflation data, increased monthly benefits by 3.2 percent. “Based on recent inflation figures and looking at historical ...
Moody's Analytics estimates the 2022 COLA at 5.6 percent. Stephen Goss, SSA’s chief actuary, says the COLA will be close to 6 percent. In contrast, the increase that went into effect in January 2021 was 1.3 percent, or an average of about $20 a month for individuals. A 5.5 percent increase would boost the average monthly benefit by about $83 ...
A rise in the Medicare Part B premium in 2024 would offset a portion of the COLA increase for Social Security recipients who have premiums deducted directly from their benefit payments, as do about 70 percent of Medicare enrollees. In their 2023 annual report, issued in March, Medicare’s trustees estimated that the standard Part B premium ...
The Social Security Administration (SSA) announced an 8.7 percent cost-of-living adjustment (COLA) for 2023, the largest inflation-fueled increase in benefits in more than 40 years. Starting in January, the average monthly Social Security retirement benefit will rise by about $146, from approximately $1,681 to $1,827, according to the SSA.
Getty Images/AARP. Social Security recipients will get a 3.2 percent increase in their monthly payments next year, the Social Security Administration (SSA) announced Oct. 12. The 2024 cost-of-living adjustment (COLA) marks a big drop from this year’s increase of 8.7 percent, reflecting a considerable cooldown of inflation over the past 12 months.
The modest gain for monthly benefits is the latest in a decade of meager COLA increases. Social Security COLAs have averaged a 1.65 percent increase annually the past decade, with no increase at all to benefits in 2016. The increase that went into effect in January 2020 was 1.6 percent.