Amid record high inflation, Social Security beneficiaries will get an 8.7% increase to their benefits in 2023, the highest increase in 40 years. The Social Security Administration announced the change Thursday. It will result in a benefit increase of more than $140 per month on ...
As the Social Security Administration spells out, “a COLA effective for December of the current year is equal to the percentage increase (if any) in the CPI-W from the average for the third quarter of the current year to the average for the third quarter of the last year in which a C...
Still, there are several months until the Social Security Administration announces its 2024 adjustment in October. The agency bases its COLA on the percentage increase in the CPI-W in the third quarter compared with the prior year. If there's no increase between the two figures, there's no ...
The Social Security Administration set its 2025 cost-of-living adjustment at 2.5%, the smallest annual COLA hike since 2021. Although inflation has eased from its pandemic-era heights, some advocates for older Americans say the modest bump in Social Security benefits puts U.S. retirees at risk...
Call your grandma — she just got a raise. The Social Security Administration announced Thursday that the Social Security cost-of-living adjustment for 2025 will be 2.5%. Abbreviated COLA, the annual adjustment helps the payments for more than 72 million Americans, the vast majority of th...
Social Security benefits are set to rise by 8.7% in 2023, the biggest bump in four decades as stubbornly high inflation erodes the buying power of retired Americans, the Social Security Administration said Thursday. The increase, known as a cost-of-living adjustment (COLA), is the biggest sin...
The Social Security Administration will only withhold taxes from your monthly checks if you ask it to, and then only in preset percentages ranging from 7% to 22%. But whether the SSA withholds taxes from your monthly check or not, next year's COLA is likely to come with an ...
MANALAPAN, N.J., Nov. 06, 2024 (GLOBE NEWSWIRE) -- The Social Security Administration has approved a 2.5% Cost of Living Adjustment (COLA) for 2025, reflecting the moderate decrease in inflation rates compared to recent years. While ...
The Social Security Administration recently announced an 8.7% cost of living adjustment (COLA) for next year. That goes on top of a substantial 5.9% COLA for 2022. The 2023 increase is the largest in 40 years. The COLA will translate to an additional $140 per month for the average Social...
"If that were the law today, the COLA in 2024 would be almost a percentage point higher —4%, versus the 3.2% just announced by the Social Security Administration," TSCL Social Security Policy Analyst Mary Johnson said. If you're looking to reduce your monthly expenses, you ...