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Data source: Social Security Administration. Table by author. You might have noticed the amount of the COLA was 0% in three years: 2009, 2010, and 2015.
The average 2.6% COLA would amount to a raise of just under $50 per month. While that can be helpful, it likely isn't enough to combat soaring inflation. Benefits are losing buying power
For context, the average Social Security benefit for a retired worker as of May 2024 is $1,916.63 per month. With the projected 2.57% COLA, the average would rise to $1,965.89.
Some estimate that Social Security benefits could see a 2.57% hike for the ... current estimates suggest a 2.57% COLA increase for 2025, which would add ... Use a Social Security COLA calculator.
As a result of the 2008 financial and mortgage crisis, a hefty 5.8% increase in COLA was applied in 2009, the most significant increase that Social Security benefits had seen since 1982.
The much higher Social Security payments that go into effect in 2023 don’t only benefit retired workers — they also benefit spouses of those workers.. The Social Security Administration ...
Next year's Social Security benefits increase will be close ... by the amount of their increase. The 2025 COLA of 2.5% is lower than the 3.4% received this year and well below the 8.7% received in ...
The most notable change to Social Security benefits in 2025 should be good news. All current recipients will receive a boost to their monthly benefit thanks to the Social Security cost-of-living ...