For 2025, experts predict a significant increase in COLA, though precise figures will not be available until the SSA releases the official announcement. Recent inflation trends suggest that living costs have risen sharply, which means beneficiaries should prepare to see a boost in their monthly payme...
The League estimates the 2024 COLA will be 3.2%, slightly higher than the 3% it estimated in August. The increase is based on average inflation during July, August, and September as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). In July, the ...
and the percent increase becomes the COLA in the subsequent year. For example, the CPI-W increased 3.2% in the third quarter of 2023, so Social Security benefits increased 3.2% in 2024.
The average Social Security check for retirees stands at $1,907 in 2024,accordingto the Social Security Administration. If the agency announces a 2.5% COLA increase for 2025, as forecast, the typical benefit check would rise by about $48 a month, for a total of $1,955 per payment. What...