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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.
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
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 amount of the raise passed along to beneficiaries equates to the year-over-year percentage difference in average Q3 CPI-W readings, rounded to the nearest tenth of a percent. US Inflation Rate ...
However, from December 1982 through December 2011, the all-items CPI-E rose at an annual average rate of 3.1 percent, compared with increases of 2.9 percent for both the CPI-U and CPI-W. [28] This suggests that the elderly have been losing purchasing power at the rate of roughly 0.2 (=3.1–2.9) percentage points per year.
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.
The Social Security Administration announced this important change The Oct. 10 Social Security announcement related to the cost-of-living adjustment, or COLA. COLAs are increases in benefits that ...
The percentage increase in CPI-W is how much the COLA will be. For example, the CPI-W average from Q3 2023 was 301.236. In Q3 2024, the average was 308.729. ... Source: Social Security ...