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The lowest COLA in that timeframe was in 2016 at 0.0%, and the highest was in 2023, when COLA was a whopping 8.7%. The Social Security 2024 COLA increase was a lower 3.2%. Source: Social Security ...
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With two months of data still pending, current estimates suggest a 2.57% COLA increase for 2025, which would add about $50 per month to benefits, according to the Detroit Free Press.
The COLA goes into effect in December, not January This is more of a technical point, but the Social Security COLA that just went into effect was the 2024 COLA, not the 2025.
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The new payment amounts in 2023 will reflect an increase of 8.7%, which is the highest adjustment the Social Security Administration has offered since 1981, and is the fourth biggest COLA in the ...