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Although inflation in the United States continued to fall in June -- hitting its lowest level in more than two years -- the latest Social Security cost-of-living adjustment (COLA) estimate for 2024...
Beginning in 2024, the COLA will be 3.2% — much lower than those approved in 2023 and 2022, but still higher than the average over the past decade. See: 7 Bills You Never Have To Pay When You Retire
Specifically, CPI-W inflation increased 3.8% in 2023, while benefits only increased 3.2% in 2024. So, the cumulative COLA in the last two years should have been 6.8%, but benefits only increased 5.8%.
The only year in which the COLA came out ahead of the inflation rate was 2023, which saw a record-breaking 8.7% COLA -- the highest adjustment in roughly 40 years. Part of this struggle may be due ...
The COLA for 2022 was 5.9%. The official 2024 cost-of-living adjustment is expected to be announced on Oct. 12 , when the September inflation numbers come out.
For example, the CPI-W climbed 2.5% in the third quarter of 2024, so Social Security benefits will receive a 2.5% COLA in 2025. The latest inflation report was bad news for retired workers on ...
November 3, 2024 at 7:09 AM. ... But as upset as seniors may be about a 2.5% COLA, there's a chance 2026's Social Security raise will be even lower. ... Why the news may not be that great in 2026 ...
The average monthly Social Security benefit is expected to rise from $1,927 to $1,976 once 2025's COLA takes effect. That's a $49 increase. But that doesn't mean you should automatically expect ...