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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.
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.
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 ...
The COLA is based on third-quarter inflation data-- specifically, changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The SSA takes an average of the CPI-W's ...
The average Social Security benefit for retired workers in November was roughly $1,925 per month, or $23,105 annually. ... but the SSA by law must use the CPI-W when calculating the new COLA. The ...
The SSA announces the COLA for the next year as soon as the September CPI-W figure is available. This year, that's Oct. 10. It'll post the news Thursday morning on the SSA website .
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 ...
The Social Security adjustments from both years reflected this circumstance, and 2021 and 2022 saw COLAs of 5.9% and 8.7%, respectively. Both were the largest since the early 1980s.