Today, COLA calculations are based on a metric known as the Consumer Price Index for Urban Wage Earners (CPI-W). This is where the recently proposed legislation focuses on making a change. Boosting Benefits and COLAs for Seniors Act In late March 2024, U.S. Sen. Bob Casey (D-PA) intro...
COLA is an acronym for cost-of-living-adjustment which is an increase applied to certain types of income to help combat inflation. In 2024, the Social Security Administration (SSA) announced a COLA increase of 3.2%, based on inflation-related data from the U.S. Department of Labor. The mi...
Washington lawmakers have proposed bills that would change the way Social Security's annual cost-of-living adjustment is measured, prompting Social Security Works to declare "Social Security's COLA is on the ballot" this November in a statement released Thursday....
Historically speaking, the 2025 COLA is a bit smaller than the average. When you look at data going back to 1975, the typical COLA has been just under 3.8%. That said, the COLA bump for 2025 is in line with recent increases; the Social Security Administration notes that the average...
On October 10, 2024, the Social Security Administration (SSA) announced a 2.5% cost-of-living bump for 2025. What does that mean? COLA calculation example Suppose your monthly Social Security benefit for 2024 is $1,800. The 2.5% increase means that, for 2025, you’d add 2.5%. ...
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Senior Citizens League projected that 2025's Social Security COLA would amount to 2.63%. But in light of July's inflation reading, the group has sincerevised its projection downward to 2.57%. That's considerably lower than the 3.2% COLA Social Security recipients got at the start of 2024...
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