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The COLA for 2025 will be 2.5%, which is the lowest adjustment since 2021. It's also substantially lower than the COLAs in 2022 and 2023, which were 5.9% and 8.7%, respectively.
Social Security might seem like a staid, never-changing government benefits program, but the reality is that certain details about Social Security change nearly every year. In 2021, some major ...
In 1972, Congress passed major Social Security changes, including a 20% benefits increase effective in September 1972 and an automatic COLA to begin in 1975. 49 years of automatic Social Security ...
Increase Social Security taxes. If workers and employers each paid 8.0% (up from today's 6.2%), it would provide solvency through 2090. Self-employed persons would pay 16.00% on earnings (up from today's 12.4%) under this proposal. [119] Raise the retirement age(s). Raising the normal retirement age by two months per year until it reaches 69 in ...
Image source: Getty Images. Cost-of-living adjustments (COLAs) through the years. Between 1975 and 2023, Social Security's COLAs averaged 3.8%. Of course, that's just the average.
The average Social Security benefits increase since then is almost 3.8%. Soaring inflation in the 1970s and early 1980s caused COLAs to be exceptionally high, which skewed the overall historical ...
By now, all seniors on Social Security should have gotten their first checks for 2025. With the latest 2.5% cost-of-living adjustment (COLA) in effect, the average benefit has climbed to $1,976 ...
The Social Security Administration announced last week that the 2023 cost-of-living adjustment (COLA) will be 8.7% — the biggest bump in 41 years. The average benefit for retired workers will ...