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This wasn't just an arbitrary date I picked to calculate a long-term average. 1975 was the first year when Social Security COLAs were based on Consumer Price Index (CPI) inflation data.
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 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 ...
Source: Social Security Administration. Table by author. More recently, the average and maximum benefits have increased substantially year-over-year.
For the average worker with disabilities, their Social Security benefit is projected to rise by $38 per month, from $1,542 to end 2024 to $1,580 to begin the new year. Meanwhile, the average ...
In recent years, Social Security's COLAs have been notably generous. This year's 3.2% COLA was above average over the past decade, and 2023's 8.7% COLA was a record-breaker. Social Security cards.
If your monthly Social Security benefit is $1,000 this year, it will be $1,025 starting in January 2025. If it's $2,000 now, it'll be $2,050. That part is straightforward.
That figure will increase $48 next year in the event of a 2.5% cost-of-living adjustment ... The chart below shows the average Social Security benefit for retired workers at ages 62 through 80 ...