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Since 2002, between 80% and 90% of respondents, including 88% in April 2024, have noted that their Social Security payout is, to some degree, needed to make ends meet.
The percent increase then becomes the COLA in the following year. For instance, the CPI-W increased 2.5% in the third quarter of 2024, which means Social Security benefits will get a 2.5% COLA in ...
Most retirees will soon discover that Social Security's fourth consecutive above-average COLA comes at a hefty price. ... gauge their reliance on their Social Security benefits. Between 80% and 90 ...
For instance, CPI-W inflation increased 2.5% in the third quarter last year, so Social Security payments increased 2.5% this year. That is the smallest COLA since 2021.
This is intended to help seniors and other Social Security recipients keep up with inflation and is based on Consumer Price Index (CPI) data from the third quarter of 2024. While the 2.5% COLA isn ...
Image source: Getty Images. Next year's raise may be considerably lower than 2024's. In 2024, Social Security recipients saw their benefits rise 3.2%. Next year's COLA is shaping up to be much ...
Social Security's COLA represents the year-over-year percentage difference in average Q3 CPI-W readings, rounded to the nearest tenth of a percent. US Inflation Rate Chart
For example, the CPI-W average from Q3 2023 was 301.236. In Q3 2024, the average was 308.729. This roughly 2.49% increase is how we ended up with the 2.5% COLA for 2025.