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Retirees can expect to receive a 2.5% cost-of-living adjustment (COLA) in 2025. ... Retirees: 3 Reasons You May Snag Larger Social Security Checks in 2025. ... so that amounts to a raise of around ...
The 2025 COLA is on track to break records for a simple reason. Expert projections suggest that retirees will receive at least a 2.7% increase and potentially a raise as high as 3.2%.
A COLA of 2.5% would raise the average monthly benefit for retired workers of $1,920 by $48.” See More: I’m Retired: My 3 Best Money Tips for Supplementing Social Security Lower Inflation ...
Pension spiking, sometimes referred to as "salary spiking", [1] is the process whereby public sector employees are granted large raises, bonuses, incentives or otherwise artificially inflate their compensation in the time immediately preceding retirement in order to receive larger pensions than they otherwise would be entitled to receive.
Here's an example: The median retired-worker benefit is $1,673 per month in Mississippi, the lowest in the United States, so a 2.5% COLA would add about $41.80 to the monthly payout.
Of those who plan to give pay raises, 13% say they’ll increase average compensation by 10% or more, 58% plan an increase between 4% to 9%, and 26% plan for nominal change.
Image source: Getty Images. How much more money will retirees get next year? The Social Security Administration announced recently that seniors will get a 2.5% benefits increase for the 2025 year.
By comparison, over the last three years, retirees received a 3.2% raise in 2024, an 8.7% raise in 2023, and a 5.9% raise in 2022. If you retired pretty recently and have gotten used to these big ...