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In the early morning hours of Oct. 10, the SSA lifted the hood on the 2025 COLA, which offers something of a good news/bad news scenario for Social Security recipients in the upcoming year.
The projected 2025 COLA for Social Security is 2.5%, according to an emailed September 11 TSCL press release, resulting in another drop. That percentage is likely to change, but the concern is ...
Data source: Social Security Administration. As shown above, CPI-E inflation averaged 3.4% through the first eight months of 2024. That is three-tenths of a percent above the average CPI-W reading.
The new estimate is on par with the current projectionfrom the Congressional Budget Office (CBO) of a 2.5% bump for 2025. The increase in 2024 was 3.2%. The increase in 2024 was 3.2%.
As an example (and not including locality adjustments), an employee at GS-12 Step 10 (base salary $98,422) being promoted to a GS-13 position would initially have his/her salary set at GS-13 Step 4 (base salary $99,028, as it is the nearest salary to GS-12 Step 10 but not lower than it), and then have his/her salary adjusted to a higher step ...
If the 2025 COLA does land at around 2.6% as is currently projected, that would only amount to around $49 more per month for the average retiree. Social Security card with hundred dollar bills ...
Currently, Social Security benefits are projected to increase by 2.6% to 2.7%. However, I predict the actual 2025 Social Security COLA will be higher than current projections. Here's why.
For the 12 months ending in September 2024, the average inflation rate has been 2.4%. This is 0.1% lower than it was last year. This is 0.1% lower than it was last year. Ideally, the 2.5% increase ...