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Though a 2.5% cost-of-living adjustment is just two months away, it's unlikely many beneficiaries will feel the full effect of this increase. The $ 22,924 Social Security bonus most retirees ...
A COLA of 3.0% would raise the current average monthly benefit of $1,787.00 by about $53.60, according to The Senior Citizens League. However, Social Security recipients “won’t learn the ...
Source: Social Security Administration. Chart by author. For some perspective, the average COLA since 1975 is 3.75%. The highest-ever COLA was 14.3% in 1980. In 2010, 2011, and 2016, there were no ...
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 ...
The Senior Citizens League, a nonprofit advocacy group, estimates that disconnect has caused Social Security to lose 20% of its buying power since 2010. And the problem is likely to get worse next ...
In fact, Social Security beneficiaries received an 8.7% raise for 2022 after inflation spiked higher. Last year, the cost-of-living adjustment, or COLA, was significantly lower, at just 3.2%.
Social Security's COLA is effectively the "raise" passed along most years that accounts for the pricing pressures faced by beneficiaries. The history of the program's COLA is a tale of two halves.
Seniors brace yourselves. You will likely be getting a 3% Social Security cost-of-living adjustment, or COLA, next year, well below the 8.7% increase in benefits received this year.