and how these annual changes directly affect the purchasing power of retired federal workers. Stay informed about the latest updates, legislative changes, and expert analyses about the COLA, ensuring retirees are equipped with the knowledge necessary to navigate their finances effectively. Explore our ...
Cost-of-living adjustments(COLAs) for the Civil Service Retirement System (CSRS) and the Federal Employees Retirement System (FERS) are based on the rate of inflation as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). COLAs for both CSRS and FERS ...
The Department of Labor’s Bureau of Labor Statistics surveys over 80,000 goods and services to determine theConsumer Price Indexfor Urban Wage Earners and Clerical Workers (CPI-W). Increases in costs for goods and services will cause an increase in COLA for the following year. If there is ...
Mike Causey
Based on the Social Security Administration's Monthly Statistical Snapshot for August, the average monthly benefit for retired workers is $1,920, and the COLA will equate to less than $50 per month. "I doubt anyone would consider that to be awindfall,and it will likely just go towa...
Since New Year's Day is a federal holiday, though, those checks will go out on Dec. 31, 2024. The full calendar of Social Security payment dates is available online. Social Security FAQs What is the Social Security cost-of-living adjustment for 2025? At what age can you get all of ...
COLA is pegged to the Consumer Price Index (CPI), which is a Bureau of Labor Statistics formula that tracks inflation for the cost of certain consumer goods. The final measurement determines the Cost of Living Adjustment for federal pension plans (including military retirement pay, FERS and CSR...
The 2025 COLA will show up in payments on and after Dec. 31. That’s because although it’s intended for the following year, SSI payments for January are going out early due to the first falling on a federal holiday (New Year’s Day). ...
Inflation has cooled considerably after hitting a 40-year high of 9.1% in June 2022. The Federal Reserve engineered a flurry of rate hikes that have helped to drive down inflation, which stood at2.5% on an annual basis in August— its lowest in three years. ...
If you have no other income, you will pay no federal taxes on your Social Security income. If your combined income from all sources exceeds $25,000 (or $32,000 for a couple), a portion of your Social Security income will be taxable. ...