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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.
Year. COLA. 1976. 8.0%. 1986. 3.1%. 1996 ... most economists seem to think the Federal Reserve has won the battle against inflation, and it's likely to stay down, even as the Fed begins to lower ...
The pay scale was originally created with the purpose of keeping federal salaries in line with equivalent private sector jobs. Although never the intent, the GS pay scale does a good job of ensuring equal pay for equal work by reducing pay gaps between men, women, and minorities, in accordance with another, separate law, the Equal Pay Act of 1963.
Most new federal employees hired on or after January 1, 1987, are automatically covered under FERS. Those newly hired and certain employees rehired between January 1, 1984, and December 31, 1986, were automatically converted to coverage under FERS on January 1, 1987; the portion of time under the old system is referred to as "CSRS Offset" and only that portion falls under the CSRS rules.
Last year, the cost-of-living adjustment, or COLA, was significantly lower, at just 3.2%. With that in mind, what would be considered a "typical" Social Security COLA? Let's look at Social ...
Source: Social Security Administration. Since 2014, the average COLA has landed at 2.6%. In some ways, it's a good thing that these adjustments are much lower than they were decades ago.
The most direct and obvious effect of the new COLA is the increase in monthly benefits. If your monthly Social Security benefit is $1,000 this year, it will be $1,025 starting in January 2025. If ...
Here's the big picture: While the 2.5% COLA in 2025 is the smallest increase in Social Security benefits in four years -- 3.2% in 2024, 8.7% in 2023, and 5.9% in 2022 -- that means prices across ...