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This week, the Social Security Administration announced the biggest payment increase for the program in decades. Every year since 1975, the SSA has instituted a cost-of-living adjustment (COLA ...
Unfortunately, there have been a few years without an increase in the CPI-W, so there hasn’t been a cost-of-living increase in COLA for Social Security benefits. Since 1975, this has only ...
In October, the Social Security Administration set its 2025 cost-of-living adjustment at 2.5%, the smallest annual COLA hike since 2021. The COLA is based on recent inflation rates, and because ...
In advance of the announcement, analysts predicted that the increase would be about 2.5% for 2025, smaller than increases the previous two years. Recipients received a 3.2% increase in their benefits in 2024, after a historically large 8.7% benefit increase in 2023, brought on by record 40-year-high inflation .
Cost-of-living adjustments. The Social Security Administration bases its annual cost-of-living adjustment (COLA) on a subset of the CPI for urban wage earners and clerical workers, or CPI-W for short.
The amount is specific to each person and can be higher or lower than 8.7% depending on factors such as signing up for Medicare prior to 2023. The increase does show just how much costs have ...
Recipients received a 3.2% increase in their benefits in 2024, after a historically large 8.7% benefit increase in 2023, brought on by record 40-year-high inflation. The smaller increase for 2025 ...
Hawaii was the state with the highest cost of living in the U.S. for 2023, according to research by the Missouri Economic Research and Information Center. Oklahoma had the lowest. Oklahoma had the ...