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A new bill has been introduced in Congress that would increase the annual cost of living adjustment (COLA) for retired federal employees under the Federal Employees Retirement System (FERS) in some...
The annual COLA is critical for helping benefits keep up with inflation. The Social Security Administration (SSA) will announce the annual COLA for 2025 on October 10.
Here's the big picture: While the 2.5% COLA in 2025 is the smallest increase in Social Security benefits in four years -- 3.2% in 2024, 8.7% in 2023, and 5.9% in 2022 -- that means prices across ...
In advance of the announcement, analysts predicted that the increase would be about 2.5% for 2025, smaller than increases the previous two years. Recipients received a 3.2% increase in their benefits in 2024, after a historically large 8.7% benefit increase in 2023, brought on by record 40-year-high inflation.
As expected, Social Security recipients will be getting a 3.2% cost-of-living adjustment (COLA) in 2024 -- the lowest COLA since 2021, and well below this year's 8.7% adjustment. The Social ...
While most Americans can expect Social Security Cost of Living Adjustment (COLA) increases to be much smaller in 2024 thanks to reduced inflation, boomers -- the generation born between 1946 and ...
That might put a bit of damper on any celebration of the COLA announcement in a few days. But at least there's still baseball and Halloween to enjoy in October. The $ 22,924 Social Security bonus ...
The FERS annuity is based on a specified percentage (either 1% or 1.1% for most employees, see below), multiplied by (a) the length of an employee's Federal service eligible for FERS retirement (referred to as "creditable Federal service", which may not be the actual duration of Federal employment) and (b) the average annual rate of basic pay ...