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This wasn't just an arbitrary date I picked to calculate a long-term average. 1975 was the first year when Social Security COLAs were based on Consumer Price Index (CPI) inflation data.
The average Social Security COLA from 1975 to 2023 was 3.8%. However, the sky-high inflation in the 1970s and early 1980s skews this average somewhat. The median Social Security COLA during the ...
For the average worker with disabilities, their Social Security benefit is projected to rise by $38 per month, from $1,542 to end 2024 to $1,580 to begin the new year. Meanwhile, the average ...
A 2024 report from The Senior Citizens League revealed that Social Security has lost 20% of its purchasing power since 2010, and the average beneficiary would need an extra $370 per month just to ...
For example, while there was a 5.9% COLA bump in 2022, inflation clocked in at 7% in 2021 and 6.5% in 2022, according to the CPI. Between 2010 and 2024, Social Security COLAs increased benefits 3. ...
The average Social Security check is $1,783.55 as of September 2024, according to data from the Social Security Administration. Individual benefits vary and could be more or less than the average ...
Data source: Social Security Administration. As shown above, CPI-E inflation averaged 3.4% through the first eight months of 2024. That is three-tenths of a percent above the average CPI-W reading.
Inclusive of the announced 2.5% COLA, the average monthly Social Security check will climb to $1,834.79 to enter the new year, representing an estimated increase of $44.75 per month.
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