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What will the Social Security COLA be this year? ... 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 ...
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.
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.
Image source: Getty Images. Back in December 1994, the average monthly benefit was just $697.34, adding up to about $8,368 for the year. Fast forward to November 2024, and the average retired ...
Over the past 40 years, Social Security benefits have gotten a steady upgrade -- and it's no accident. ... the Social Security COLA is set at 2.5%, which means the average retirement benefit will ...
A 2024 report from The Senior Citizens League revealed that Social Security has lost 20% of its purchasing power since 2010, and the average beneficiary would need an extra $370 per month just to ...
Looking at the history of Social Security COLAs, ... 20. 2003. 1.4%. 21. 2021. 1.3%. 22. 2017. 0.3%. 23. ... The hidden benefit of an average COLA. While next year's COLA will come in lower than ...
However, the anticipated 2.5 percent increase for 2025 is in line with the average COLA of about 2.6 percent over the past 20 years, according to the Senior Citizens League.