As we look ahead to 2025, many Social Security beneficiaries are eager to hear about the potential Cost-Of-Living Adjustment (COLA) increase. The anticipation is palpable, as this adjustment is crucial for millions relying on Social Security for their livelihoods. But what exactly is the COLA, ...
What is the VA benefits COLA increase for 2025? Earlier this month, Congress passed anew lawthat ties veterans' benefits to Social Security's cost-of-living increase. Called the Veterans' Compensation Cost-of-Living Adjustment Act of 2024, the law directs the VA to increase veterans' benefits...
When will I get the 2025 COLA increase in my Social Security check? In October, the Social Security Administration set its 2025cost-of-living adjustmentat 2.5%, the smallest annual COLA hike since 2021. The COLA is based on recent inflation rates, and because price hikes have cooled from t...
Why Investors can be Thankful in 2024 Investors can celebrate 2024 stock market gains, lower inflation, tax-deductible IRA contributions and expanded gift-tax exclusions. Kate StalterNov. 18, 2024 Learn About Social Security Early Younger workers have a lot to gain by understanding how So...
The cost of living adjustment, or COLA, is a key concept to know for understanding Social Security benefits.
For example, the Social Security Administration uses a version of the index to determine the cost-of-living adjustments (COLA) for retirement benefits, ensuring that inflation doesn’t eat away at retirees’ Social Security checks. How is the CPI used? Checking in on the latest CPI can not ...
That means headline inflation continues to run hotter than the 3.2% annual COLA adjustment expected by the Senior Citizens League. Even with this year's 8.7% increase, which was the largest in four decades, many retirees say they're still falling behind, according to Mary Johnson, Social Secur...
According to the International Energy Agency, new electric car registrations in China reached 8.1 million in 2023, a 35% increase from 2022. China has also gotten ahead by building a vast network of chargers. According to the National Energy Administration, as of June China had 10.2 million ...
The COLA was 3.2% for 2024. Someone who received $10,000 in Social Security benefits in 2023 would see their 2024 annual benefit increase to $10,320. TheCOLA for 2025 is 2.5%, meaning that someone who received $10,000 in 2024 benefits would receive $10,250 the following year.2 Key T...
While not a cost of living index, the Social Security Administration'scost of living adjustment (COLA)reflects the broad increase in costs represented by the rate ofinflation, which is the pace of rising prices as measured by theConsumer Price Index (CPI). ...